BTIG Research Begins Coverage on Madison Square Garden (NYSE:MSGS)

Key Points

• BTIG Research has initiated coverage on Madison Square Garden (NYSE:MSGS) with a "neutral" rating.
• Analysts have mixed views on MSGS, with Citigroup issuing a "buy" rating and a target price of $285, while Weiss Ratings has a "sell (d+)" rating.
• Madison Square Garden's recent quarterly earnings reported an EPS of ($0.07), beating expectations, but revenue decreased by 10.3% year-over-year.

Equities research analysts at BTIG Research initiated coverage on shares of Madison Square Garden (NYSE:MSGS - Get Free Report) in a report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set a "neutral" rating on the stock.

Other analysts have also recently issued reports about the stock. Weiss Ratings restated a "sell (d+)" rating on shares of Madison Square Garden in a report on Saturday, September 27th. Citigroup initiated coverage on shares of Madison Square Garden in a research note on Tuesday, September 9th. They issued a "buy" rating and a $285.00 target price on the stock. Finally, Morgan Stanley increased their target price on Madison Square Garden from $215.00 to $220.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 13th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Madison Square Garden currently has a consensus rating of "Moderate Buy" and a consensus target price of $258.83.

Madison Square Garden Trading Down 3.2%

MSGS stock traded down $7.33 during midday trading on Tuesday, reaching $224.63. The stock had a trading volume of 12,899 shares, compared to its average volume of 167,057. Madison Square Garden has a 52-week low of $173.26 and a 52-week high of $237.99. The company's fifty day simple moving average is $206.97 and its 200 day simple moving average is $199.45. The company has a market cap of $5.39 billion, a price-to-earnings ratio of -244.17 and a beta of 0.78.

Madison Square Garden (NYSE:MSGS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.35. Madison Square Garden had a negative return on equity of 1.76% and a negative net margin of 2.16%.The firm had revenue of $203.96 million during the quarter, compared to analysts' expectations of $151.00 million. During the same quarter last year, the firm earned $1.06 earnings per share. The business's revenue for the quarter was down 10.3% on a year-over-year basis. Sell-side analysts predict that Madison Square Garden will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Principal Financial Group Inc. grew its holdings in shares of Madison Square Garden by 2.4% during the first quarter. Principal Financial Group Inc. now owns 83,241 shares of the company's stock worth $16,209,000 after purchasing an additional 1,989 shares during the last quarter. Atria Wealth Solutions Inc. increased its position in Madison Square Garden by 100.0% in the 1st quarter. Atria Wealth Solutions Inc. now owns 3,100 shares of the company's stock valued at $604,000 after acquiring an additional 1,550 shares during the period. QRG Capital Management Inc. bought a new position in shares of Madison Square Garden during the first quarter valued at $250,000. Virtu Financial LLC acquired a new position in Madison Square Garden during the 1st quarter worth about $575,000. Finally, Inspire Trust Co. N.A. increased its position in Madison Square Garden by 28.6% during the 1st quarter. Inspire Trust Co. N.A. now owns 9,000 shares of the company's stock valued at $1,752,000 after purchasing an additional 2,000 shares during the period. 68.94% of the stock is currently owned by institutional investors.

Madison Square Garden 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.

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