Madison Square Garden (NYSE:MSGS) Shares Gap Up - Should You Buy?

The Madison Square Garden Company (NYSE:MSGS - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $191.11, but opened at $201.34. Madison Square Garden shares last traded at $199.97, with a volume of 61,804 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Morgan Stanley decreased their target price on Madison Square Garden from $235.00 to $215.00 and set an "equal weight" rating for the company in a research note on Monday, May 5th. Susquehanna initiated coverage on shares of Madison Square Garden in a research report on Monday, April 28th. They set a "positive" rating and a $254.00 price objective for the company. Guggenheim reaffirmed a "buy" rating and issued a $314.00 price objective on shares of Madison Square Garden in a research note on Tuesday, May 6th. JPMorgan Chase & Co. cut their target price on shares of Madison Square Garden from $240.00 to $230.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Finally, Macquarie lifted their price target on shares of Madison Square Garden from $240.00 to $250.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 25th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Madison Square Garden has an average rating of "Moderate Buy" and a consensus target price of $252.60.

Madison Square Garden Stock Performance

The stock has a 50 day moving average of $191.56 and a two-hundred day moving average of $202.68. The stock has a market cap of $4.99 billion, a PE ratio of 989.67 and a beta of 0.77.

Madison Square Garden (NYSE:MSGS - Get Free Report) last released its quarterly earnings results on Friday, May 2nd. The company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.48 by ($2.07). Madison Square Garden had a net margin of 0.45% and a negative return on equity of 1.76%. The firm had revenue of $424.20 million for the quarter, compared to analyst estimates of $436.84 million. During the same quarter in the prior year, the firm earned $1.57 EPS. The firm's revenue was down 1.3% compared to the same quarter last year. Analysts expect that The Madison Square Garden Company will post 0.73 EPS for the current fiscal year.

Institutional Trading of Madison Square Garden

A number of hedge funds have recently modified their holdings of the business. Putney Financial Group LLC acquired a new stake in Madison Square Garden during the 4th quarter worth about $28,000. Allworth Financial LP lifted its position in shares of Madison Square Garden by 81.4% in the fourth quarter. Allworth Financial LP now owns 127 shares of the company's stock worth $28,000 after purchasing an additional 57 shares in the last quarter. Heck Capital Advisors LLC purchased a new stake in shares of Madison Square Garden in the fourth quarter worth approximately $43,000. Headlands Technologies LLC boosted its holdings in shares of Madison Square Garden by 1,016.7% during the fourth quarter. Headlands Technologies LLC now owns 268 shares of the company's stock worth $60,000 after purchasing an additional 244 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in Madison Square Garden by 423.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 272 shares of the company's stock valued at $62,000 after purchasing an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company's stock.

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.