Short Interest in The Madison Square Garden Company (NYSE:MSGS) Grows By 33.0%

Key Points

• The Madison Square Garden Company (NYSE:MSGS) experienced a significant increase in short interest, growing by 33.0% in August, totaling 764,800 shares.
• Institutional investors own 68.94% of Madison Square Garden's stock, with recent activity including a 100.0%% increase in holdings by Atria Wealth Solutions Inc.
• Wall Street analysts have a positive outlook, with an average rating of "Moderate Buy" and a price target of $258.83 for MSGS shares.

The Madison Square Garden Company (NYSE:MSGS - Get Free Report) was the recipient of a large growth in short interest in the month of August. As of August 15th, there was short interest totaling 764,800 shares, a growth of 33.0% from the July 31st total of 575,200 shares. Approximately 4.5% of the shares of the company are short sold. Based on an average daily trading volume, of 191,000 shares, the days-to-cover ratio is currently 4.0 days. Based on an average daily trading volume, of 191,000 shares, the days-to-cover ratio is currently 4.0 days. Approximately 4.5% of the shares of the company are short sold.

Institutional Trading of Madison Square Garden

Large investors have recently bought and sold shares of the business. Putney Financial Group LLC bought a new stake in Madison Square Garden during the 4th quarter worth approximately $28,000. Fifth Third Bancorp grew its stake in shares of Madison Square Garden by 59.5% during the 2nd quarter. Fifth Third Bancorp now owns 185 shares of the company's stock worth $39,000 after acquiring an additional 69 shares in the last quarter. Heck Capital Advisors LLC bought a new position in shares of Madison Square Garden during the 4th quarter worth approximately $43,000. Tower Research Capital LLC TRC grew its stake in shares of Madison Square Garden by 313.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 401 shares of the company's stock worth $84,000 after acquiring an additional 304 shares in the last quarter. Finally, Covestor Ltd grew its stake in shares of Madison Square Garden by 35.5% during the 1st quarter. Covestor Ltd now owns 416 shares of the company's stock worth $81,000 after acquiring an additional 109 shares in the last quarter. 68.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MSGS shares. Morgan Stanley boosted their price target on shares of Madison Square Garden from $215.00 to $220.00 and gave the company an "equal weight" rating in a report on Wednesday, August 13th. Citigroup started coverage on shares of Madison Square Garden in a report on Tuesday. They issued a "buy" rating and a $285.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $258.83.

Madison Square Garden Stock Performance

Madison Square Garden stock traded up $1.41 during trading hours on Friday, reaching $213.16. 205,078 shares of the company's stock traded hands, compared to its average volume of 184,766. Madison Square Garden has a fifty-two week low of $173.26 and a fifty-two week high of $237.99. The firm has a market capitalization of $5.12 billion, a price-to-earnings ratio of -231.69 and a beta of 0.78. The firm's 50 day moving average is $201.58 and its 200-day moving average is $196.40.

Madison Square Garden (NYSE:MSGS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $203.96 million during the quarter, compared to analysts' expectations of $151.00 million. During the same period in the prior year, the business posted $1.06 EPS. Madison Square Garden's revenue was down 10.3% on a year-over-year basis. Analysts predict that Madison Square Garden will post 0.73 EPS for the current year.

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.