MSG Knickerbockers (NYSE:MSGK) Releases Quarterly Earnings Results, Misses Expectations By $0.11 EPS

MSG Knickerbockers (NYSE:MSGK) posted its quarterly earnings data on Friday. The company reported ($1.29) earnings per share for the quarter, missing the consensus estimate of ($1.18) by ($0.11), Zacks reports. The firm had revenue of $45.49 million during the quarter, compared to analyst estimates of $39.78 million. MSG Knickerbockers had a net margin of 0.67% and a negative return on equity of 3.47%. MSG Knickerbockers’s quarterly revenue was up 15.2% compared to the same quarter last year.

MSG Knickerbockers Stock Down 2.3%

MSGK traded down $7.14 on Friday, hitting $310.21. 394,733 shares of the company traded hands, compared to its average volume of 381,923. MSG Knickerbockers has a 12-month low of $210.90 and a 12-month high of $438.93. The company has a market cap of $7.47 billion, a PE ratio of 1,034.06 and a beta of 0.63.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Weiss Ratings assumed coverage on shares of MSG Knickerbockers in a report on Wednesday, October 28th. They issued a “hold (c)” rating on the stock. Zacks Research cut shares of MSG Knickerbockers from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 27th. Wolfe Research upgraded shares of MSG Knickerbockers from a “peer perform” rating to an “outperform” rating in a research note on Wednesday. Finally, Guggenheim lowered their price objective on shares of MSG Knickerbockers from $584.00 to $445.00 and set a “buy” rating on the stock in a research report on Wednesday, October 28th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, MSG Knickerbockers presently has an average rating of “Hold” and a consensus price target of $445.00.

MSG Knickerbockers News Roundup

Here are the key news stories impacting MSG Knickerbockers this week:

• Positive Sentiment: Revenue was $45.5 million, above FactSet’s $39.3 million estimate, and increased 15.2% year over year. The company also reported a narrower operating loss. Revenue estimate report
• Positive Sentiment: Wolfe Research raised its rating on MSGK to Outperform, a potentially supportive analyst signal. Wolfe Research rating report
• Neutral Sentiment: The quarter ended September 30, and its consolidated results include the Rangers business; MSGK completed the Rangers spin-off on October 26. This makes the reported quarter less directly comparable with future results. Company earnings release
• Negative Sentiment: MSGK reported a loss of $1.29 per share, missing the $1.18 loss analysts expected. The loss was also wider than the $0.37 per-share loss a year earlier, which could outweigh the revenue beat for investors. Zacks earnings report

MSG Knickerbockers Company Profile

MSG Knickerbockers, Inc is the corporate entity associated with the New York Knicks, the National Basketball Association (NBA) franchise based at Madison Square Garden in New York City. The organization’s primary activities include operating and managing the professional basketball team, organizing games and related events, and developing commercial opportunities connected with the Knicks brand.

The Knicks generate business through ticket sales, premium seating, sponsorships, media and broadcasting arrangements, merchandising, licensing, and other fan-focused products and services.