Madison Square Garden (NYSE:MSGS) Shares Gap Up – What’s Next?

The Madison Square Garden Company (NYSE:MSGS)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $246.38, but opened at $252.93. Madison Square Garden shares last traded at $253.2450, with a volume of 670 shares changing hands.

Analyst Upgrades and Downgrades

MSGS has been the subject of several analyst reports. BTIG Research initiated coverage on shares of Madison Square Garden in a research report on Tuesday, October 7th. They set a “neutral” rating for the company. Wolfe Research lowered Madison Square Garden from an “outperform” rating to a “hold” rating in a report on Monday, December 15th. JPMorgan Chase & Co. boosted their price target on Madison Square Garden from $230.00 to $240.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. Zacks Research raised Madison Square Garden from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Finally, Citigroup lifted their price objective on Madison Square Garden from $285.00 to $290.00 and gave the stock a “buy” rating in a report on Tuesday, December 16th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Madison Square Garden currently has an average rating of “Hold” and an average price target of $261.33.

Madison Square Garden Stock Down 0.6%

The firm’s fifty day simple moving average is $224.59 and its two-hundred day simple moving average is $212.19. The firm has a market cap of $6.03 billion, a PE ratio of -255.87 and a beta of 0.66.

Madison Square Garden (NYSE:MSGS) last posted its quarterly earnings results on Friday, October 31st. The company reported ($0.37) EPS for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.67. The company had revenue of $39.45 million for the quarter, compared to analysts’ expectations of $41.41 million. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.31%.The firm’s revenue was down 26.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.31) EPS. As a group, analysts anticipate that The Madison Square Garden Company will post 0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Independent Advisor Alliance lifted its holdings in Madison Square Garden by 2.7% during the 3rd quarter. Independent Advisor Alliance now owns 1,765 shares of the company’s stock valued at $401,000 after buying an additional 46 shares in the last quarter. Two Sigma Investments LP boosted its holdings in shares of Madison Square Garden by 0.4% in the third quarter. Two Sigma Investments LP now owns 11,898 shares of the company’s stock valued at $2,701,000 after purchasing an additional 48 shares during the period. Cibc World Market Inc. increased its holdings in Madison Square Garden by 2.8% during the 3rd quarter. Cibc World Market Inc. now owns 1,881 shares of the company’s stock worth $427,000 after purchasing an additional 51 shares during the period. Sei Investments Co. raised its position in Madison Square Garden by 1.2% during the 3rd quarter. Sei Investments Co. now owns 4,289 shares of the company’s stock valued at $974,000 after purchasing an additional 52 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its holdings in shares of Madison Square Garden by 1.7% in the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 3,663 shares of the company’s stock worth $765,000 after buying an additional 60 shares during the period. Institutional investors own 68.94% of the company’s stock.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp (NYSE: MSGS) is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA’s New York Knicks, the NHL’s New York Rangers and the WNBA’s New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.