Madison Square Garden Sports (NYSE:MSGS) Shares Gap Down - Here's Why

Madison Square Garden Sports Corp. (NYSE:MSGS - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $210.37, but opened at $204.61. Madison Square Garden Sports shares last traded at $207.37, with a volume of 59,627 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Macquarie increased their price target on Madison Square Garden Sports from $235.00 to $240.00 and gave the company an "outperform" rating in a report on Tuesday, November 5th.

Madison Square Garden Sports Trading Down 0.2 %

The firm has a market cap of $4.98 billion, a PE ratio of 87.73 and a beta of 0.91. The stock has a 50 day simple moving average of $221.27 and a 200-day simple moving average of $215.26.

Madison Square Garden Sports (NYSE:MSGS - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.25). The business had revenue of $357.80 million during the quarter, compared to analysts' expectations of $352.68 million. Madison Square Garden Sports had a negative return on equity of 20.50% and a net margin of 5.33%. The company's quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.59 EPS. On average, equities research analysts expect that Madison Square Garden Sports Corp. will post 0.73 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Venturi Wealth Management LLC grew its position in shares of Madison Square Garden Sports by 31.2% during the third quarter. Venturi Wealth Management LLC now owns 223 shares of the company's stock valued at $46,000 after purchasing an additional 53 shares in the last quarter. Allworth Financial LP grew its position in shares of 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 purchasing an additional 57 shares in the last quarter. Creative Planning grew its position in shares of Madison Square Garden Sports by 2.5% during the third quarter. Creative Planning now owns 2,542 shares of the company's stock valued at $529,000 after purchasing an additional 61 shares in the last quarter. Versant Capital Management Inc grew its position in shares of Madison Square Garden Sports by 35.3% during the fourth quarter. Versant Capital Management Inc now owns 234 shares of the company's stock valued at $53,000 after purchasing an additional 61 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of Madison Square Garden Sports by 119.0% during the fourth quarter. Fifth Third Bancorp now owns 138 shares of the company's stock valued at $31,000 after purchasing an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 68.94% of the company's stock.

About Madison Square Garden Sports

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.