Madison Square Garden Sports (NYSE:MSGS) Stock Price Down 3.8% on Disappointing Earnings

Madison Square Garden Sports Corp. (NYSE:MSGS - Get Free Report) was down 3.8% during trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $184.63 and last traded at $185.48. Approximately 36,548 shares traded hands during trading, a decline of 72% from the average daily volume of 132,258 shares. The stock had previously closed at $192.85.

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 Sports had a net margin of 5.33% and a negative return on equity of 20.50%. The company had revenue of $424.20 million for the quarter, compared to analysts' expectations of $436.84 million. During the same quarter in the previous year, the firm posted $1.57 EPS. The firm's quarterly revenue was down 1.3% compared to the same quarter last year.

Analysts Set New Price Targets

Several brokerages recently commented on MSGS. Susquehanna started coverage on shares of Madison Square Garden Sports in a research report on Monday, April 28th. They set a "positive" rating and a $254.00 price objective on the stock. Macquarie raised their price target on shares of Madison Square Garden Sports from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Tuesday, February 25th.

Insider Activity

In related news, insider F. Dolan 2009 Revocabl Charles sold 31,825 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $189.92, for a total transaction of $6,044,204.00. Following the transaction, the insider now owns 5,097 shares in the company, valued at $968,022.24. This represents a 86.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 22.10% of the company's stock.

Institutional Investors Weigh In On Madison Square Garden Sports

Hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its position in Madison Square Garden Sports by 81.4% during the fourth quarter. Allworth Financial LP now owns 127 shares of the company's stock valued at $28,000 after acquiring an additional 57 shares during the last quarter. Putney Financial Group LLC bought a new stake in shares of Madison Square Garden Sports during the 4th quarter valued at about $28,000. Fifth Third Bancorp increased its position in shares of Madison Square Garden Sports by 119.0% during the 4th quarter. Fifth Third Bancorp now owns 138 shares of the company's stock valued at $31,000 after purchasing an additional 75 shares during the last quarter. Heck Capital Advisors LLC bought a new position in shares of Madison Square Garden Sports in the 4th quarter worth approximately $43,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Madison Square Garden Sports by 35.3% in the fourth quarter. Versant Capital Management Inc now owns 234 shares of the company's stock worth $53,000 after buying an additional 61 shares during the last quarter. 68.94% of the stock is currently owned by hedge funds and other institutional investors.

Madison Square Garden Sports Price Performance

The company has a market capitalization of $4.51 billion, a P/E ratio of 79.24 and a beta of 0.81. The firm's 50-day moving average is $192.36 and its 200-day moving average is $210.59.

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.