Madison Square Garden Sports (NYSE:MSGS) Reaches New 52-Week High – Here’s Why

Shares of Madison Square Garden Sports Corp. (NYSE:MSGS) hit a new 52-week high on Monday . The company traded as high as $221.90 and last traded at $221.57, with a volume of 3883 shares trading hands. The stock had previously closed at $220.01.

Analyst Ratings Changes

Separately, Macquarie reduced their target price on shares of Madison Square Garden Sports from $240.00 to $235.00 and set an “outperform” rating for the company in a report on Friday, August 16th.

Madison Square Garden Sports Stock Performance

The firm’s 50 day moving average is $210.96 and its 200 day moving average is $197.45. The stock has a market cap of $5.34 billion, a P/E ratio of 91.72 and a beta of 0.93.

Madison Square Garden Sports (NYSE:MSGS) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.73. The business had revenue of $227.25 million for the quarter, compared to the consensus estimate of $167.71 million. Madison Square Garden Sports had a negative return on equity of 18.69% and a net margin of 5.72%. The business’s quarterly revenue was up 79.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.39) earnings per share. As a group, analysts expect that Madison Square Garden Sports Corp. will post 1.42 EPS for the current fiscal year.

Insider Activity at Madison Square Garden Sports

In other Madison Square Garden Sports news, CEO James Lawrence Dolan sold 629 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $209.30, for a total value of $131,649.70. Following the completion of the sale, the chief executive officer now owns 10,192 shares of the company’s stock, valued at approximately $2,133,185.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 22.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Madison Square Garden Sports

Several institutional investors and hedge funds have recently made changes to their positions in MSGS. SG Americas Securities LLC purchased a new position in Madison Square Garden Sports in the 2nd quarter worth $1,427,000. SageView Advisory Group LLC raised its stake in shares of Madison Square Garden Sports by 535.5% in the first quarter. SageView Advisory Group LLC now owns 8,566 shares of the company’s stock worth $1,581,000 after purchasing an additional 7,218 shares during the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of Madison Square Garden Sports during the first quarter worth about $918,000. Capstone Investment Advisors LLC boosted its position in Madison Square Garden Sports by 166.7% in the first quarter. Capstone Investment Advisors LLC now owns 6,630 shares of the company’s stock valued at $1,223,000 after buying an additional 4,144 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in Madison Square Garden Sports in the 2nd quarter worth approximately $831,000. 68.94% of the stock is currently owned by institutional investors and hedge funds.

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.