Madison Square Garden Sports (NYSE:MSGS) Hits New 1-Year High After Analyst Upgrade

Madison Square Garden Sports Corp. (NYSE:MSGS)’s share price reached a new 52-week high during mid-day trading on Wednesday after Macquarie raised their price target on the stock from $235.00 to $240.00. Macquarie currently has an outperform rating on the stock. Madison Square Garden Sports traded as high as $230.69 and last traded at $230.67, with a volume of 43338 shares changing hands. The stock had previously closed at $217.86.

Insiders Place Their Bets

In other news, CEO James Lawrence Dolan sold 629 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $209.30, for a total value of $131,649.70. Following the completion of the transaction, the chief executive officer now directly owns 10,192 shares in the company, valued at approximately $2,133,185.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 22.10% of the stock is owned by insiders.

Institutional Trading of Madison Square Garden Sports

Large investors have recently modified their holdings of the company. Aigen Investment Management LP bought a new position in Madison Square Garden Sports in the 3rd quarter valued at about $457,000. Venturi Wealth Management LLC boosted its position in shares of Madison Square Garden Sports by 31.2% during the 3rd quarter. Venturi Wealth Management LLC now owns 223 shares of the company’s stock valued at $46,000 after purchasing an additional 53 shares in the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Madison Square Garden Sports by 35.2% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 1,510 shares of the company’s stock valued at $314,000 after purchasing an additional 393 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Madison Square Garden Sports by 75.1% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 68,632 shares of the company’s stock valued at $14,293,000 after purchasing an additional 29,445 shares in the last quarter. Finally, US Bancorp DE boosted its position in shares of Madison Square Garden Sports by 8.4% during the 3rd quarter. US Bancorp DE now owns 2,530 shares of the company’s stock valued at $527,000 after purchasing an additional 196 shares in the last quarter. Institutional investors and hedge funds own 68.94% of the company’s stock.

Madison Square Garden Sports Stock Up 4.7 %

The company has a market capitalization of $5.46 billion, a PE ratio of 78.24 and a beta of 0.92. The business’s 50 day simple moving average is $211.97 and its 200 day simple moving average is $198.59.

Madison Square Garden Sports (NYSE:MSGS) last posted its quarterly earnings results on Friday, November 1st. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.55. The business had revenue of $53.31 million during the quarter, compared to analyst estimates of $43.71 million. Madison Square Garden Sports had a net margin of 6.75% and a negative return on equity of 23.81%. The firm’s revenue was up 23.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.79) earnings per share. On average, analysts anticipate that Madison Square Garden Sports Corp. will post 1.42 earnings per share for the current fiscal year.

Madison Square Garden Sports Company Profile

Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League.