Macquarie Forecasts Strong Price Appreciation for Madison Square Garden Sports (NYSE:MSGS) Stock

Madison Square Garden Sports (NYSE:MSGS) had its target price raised by research analysts at Macquarie from $235.00 to $240.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Macquarie’s price objective would suggest a potential upside of 10.16% from the stock’s current price.

Madison Square Garden Sports Stock Up 0.9 %

MSGS stock traded up $1.98 during trading on Tuesday, hitting $217.86. 97,300 shares of the company’s stock traded hands, compared to its average volume of 115,093. Madison Square Garden Sports has a 1 year low of $166.26 and a 1 year high of $227.66. The business has a fifty day simple moving average of $211.97 and a two-hundred day simple moving average of $198.59. The firm has a market capitalization of $5.22 billion, a P/E ratio of 74.87 and a beta of 0.92.

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

Insiders Place Their Bets

In other news, CEO James Lawrence Dolan sold 629 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $209.30, for a total value of $131,649.70. Following the transaction, the chief executive officer now owns 10,192 shares in the company, valued at $2,133,185.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 22.10% of the company’s stock.

Institutional Investors Weigh In On Madison Square Garden Sports

A number of hedge funds have recently bought and sold shares of the stock. Aigen Investment Management LP purchased a new stake in Madison Square Garden Sports in the third quarter valued at $457,000. Venturi Wealth Management LLC lifted its holdings in shares of Madison Square Garden Sports by 31.2% in 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 during the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Madison Square Garden Sports by 35.2% in 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 during the period. Harbor Capital Advisors Inc. grew its stake in 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 worth $14,293,000 after buying an additional 29,445 shares during the last quarter. Finally, US Bancorp DE increased its position in Madison Square Garden Sports by 8.4% during the third quarter. US Bancorp DE now owns 2,530 shares of the company’s stock worth $527,000 after buying an additional 196 shares during the period. Institutional investors and hedge funds own 68.94% of the company’s stock.

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.