Madison Square Garden Sports (NYSE:MSGS) Stock Price Down 3.7% Following Weak Earnings

Madison Square Garden Sports Corp. (NYSE:MSGS - Get Free Report) traded down 3.7% on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $209.21 and last traded at $210.16. 35,750 shares were traded during mid-day trading, a decline of 56% from the average session volume of 81,153 shares. The stock had previously closed at $218.23.

The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.25). The firm had revenue of $357.80 million during the quarter, compared to the consensus estimate of $352.68 million. Madison Square Garden Sports had a net margin of 6.75% and a negative return on equity of 23.81%. Madison Square Garden Sports's revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.59 EPS.

Analyst Ratings Changes

Separately, Macquarie boosted their price target on shares of Madison Square Garden Sports from $235.00 to $240.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 5th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Creative Planning increased its holdings in Madison Square Garden Sports by 3.4% in the second quarter. Creative Planning now owns 2,481 shares of the company's stock valued at $467,000 after purchasing an additional 82 shares during the last quarter. Park Avenue Securities LLC grew its holdings in Madison Square Garden Sports by 19.6% during the third quarter. Park Avenue Securities LLC now owns 3,924 shares of the company's stock valued at $817,000 after purchasing an additional 642 shares during the period. Handelsbanken Fonder AB increased its stake in Madison Square Garden Sports by 20.9% in the third quarter. Handelsbanken Fonder AB now owns 3,472 shares of the company's stock valued at $723,000 after purchasing an additional 600 shares in the last quarter. GAMMA Investing LLC raised its stake in Madison Square Garden Sports by 142.6% during the 3rd quarter. GAMMA Investing LLC now owns 638 shares of the company's stock worth $133,000 after buying an additional 375 shares during the period. Finally, Exchange Traded Concepts LLC bought a new position in Madison Square Garden Sports during the third quarter worth about $1,743,000. Institutional investors and hedge funds own 68.94% of the company's stock.

Madison Square Garden Sports Price Performance

The business has a 50 day simple moving average of $222.18 and a 200-day simple moving average of $214.88. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 70.57 and a beta of 0.91.

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.