MSG Knickerbockers (NYSE:MSGK) Announces Quarterly Earnings Results

Key Points

• MSG Knickerbockers reported a quarterly loss of $1.29 per share, missing the $1.18 loss analysts expected and widening from a $0.37 loss a year earlier.
• Revenue increased 15.2% year over year to $45.5 million, beating FactSet’s $39.3 million estimate; the company also reported a narrower operating loss.
• Shares fell 2.3% on Friday to $310.21. Analyst views were mixed, with an average rating of Hold and a $445 consensus price target; results included the Rangers, which MSGK spun off after quarter-end.

MSG Knickerbockers (NYSE:MSGK - Get Free Report) posted its earnings results on Friday. The company reported ($1.29) EPS for the quarter, missing the consensus estimate of ($1.18) by ($0.11), Zacks reports. MSG Knickerbockers had a negative return on equity of 3.47% and a net margin of 0.67%. MSG Knickerbockers's revenue was up 15.2% on a year-over-year basis.

MSG Knickerbockers Trading Down 2.3%

MSGK stock traded down $7.14 during trading on Friday, reaching $310.21. 394,733 shares of the stock traded hands, compared to its average volume of 381,923. The company has a market cap of $7.47 billion, a PE ratio of 816.18 and a beta of 0.63. MSG Knickerbockers has a 52-week low of $210.90 and a 52-week high of $438.93.

Key MSG Knickerbockers News

Here are the key news stories impacting MSG Knickerbockers this week:

• Positive Sentiment: Revenue was $45.5 million, above FactSet’s $39.3 million estimate, and increased 15.2% year over year. The company also reported a narrower operating loss. Revenue estimate report
• Positive Sentiment: Wolfe Research raised its rating on MSGK to Outperform, a potentially supportive analyst signal. Wolfe Research rating report
• Neutral Sentiment: The quarter ended September 30, and its consolidated results include the Rangers business; MSGK completed the Rangers spin-off on October 26. This makes the reported quarter less directly comparable with future results. Company earnings release
• Negative Sentiment: MSGK reported a loss of $1.29 per share, missing the $1.18 loss analysts expected. The loss was also wider than the $0.37 per-share loss a year earlier, which could outweigh the revenue beat for investors. Zacks earnings report

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Weiss Ratings started coverage on MSG Knickerbockers in a research report on Wednesday, October 28th. They issued a "hold (c)" rating on the stock. Wolfe Research raised shares of MSG Knickerbockers from a "peer perform" rating to an "outperform" rating in a research report on Wednesday. Zacks Research cut shares of MSG Knickerbockers from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 27th. Finally, Guggenheim reduced their price target on MSG Knickerbockers from $584.00 to $445.00 and set a "buy" rating for the company in a report on Wednesday, October 28th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $445.00.

MSG Knickerbockers Company Profile

MSG Knickerbockers, Inc is the corporate entity associated with the New York Knicks, the National Basketball Association (NBA) franchise based at Madison Square Garden in New York City. The organization's primary activities include operating and managing the professional basketball team, organizing games and related events, and developing commercial opportunities connected with the Knicks brand.

The Knicks generate business through ticket sales, premium seating, sponsorships, media and broadcasting arrangements, merchandising, licensing, and other fan-focused products and services.

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