Madison Square Garden (NYSE:MSGS) Shares Gap Up – Should You Buy?

The Madison Square Garden Company (NYSE:MSGS)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $293.78, but opened at $323.79. Madison Square Garden shares last traded at $336.16, with a volume of 540,846 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have recently commented on MSGS shares. Wolfe Research downgraded shares of Madison Square Garden from an “outperform” rating to a “hold” rating in a report on Monday, December 15th. Wall Street Zen upgraded Madison Square Garden from a “strong sell” rating to a “hold” rating in a research note on Saturday. JPMorgan Chase & Co. increased their price target on Madison Square Garden from $240.00 to $305.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Citigroup boosted their price objective on Madison Square Garden from $290.00 to $337.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Madison Square Garden in a research report on Monday, December 29th. Five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $280.00.

Madison Square Garden Price Performance

The stock has a market cap of $8.19 billion, a PE ratio of -494.04 and a beta of 0.61. The firm’s 50 day moving average price is $268.88 and its two-hundred day moving average price is $233.51.

Madison Square Garden (NYSE:MSGS) last released its quarterly earnings data on Thursday, February 5th. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.32). The company had revenue of $403.42 million for the quarter, compared to the consensus estimate of $394.58 million. During the same period in the previous year, the business posted $0.05 earnings per share. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. Analysts anticipate that The Madison Square Garden Company will post 0.73 earnings per share for the current year.

Institutional Trading of Madison Square Garden

A number of hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC raised its position in Madison Square Garden by 5,450.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 111 shares of the company’s stock worth $25,000 after purchasing an additional 109 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Madison Square Garden during the 4th quarter worth approximately $26,000. Salomon & Ludwin LLC purchased a new position in Madison Square Garden in the 3rd quarter worth approximately $27,000. Global Retirement Partners LLC lifted its position in Madison Square Garden by 1,150.0% in the fourth quarter. Global Retirement Partners LLC now owns 125 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares during the last quarter. Finally, Accredited Wealth Management LLC boosted its stake in shares of Madison Square Garden by 524.0% during the third quarter. Accredited Wealth Management LLC now owns 156 shares of the company’s stock valued at $35,000 after purchasing an additional 131 shares during the period. Institutional investors own 68.94% of the company’s stock.

Madison Square Garden Company Profile

Madison Square Garden Sports Corp (NYSE: MSGS) is a leading sports and entertainment holding company focused on professional sports franchises and related media assets. The company owns and operates teams such as the NBA’s New York Knicks, the NHL’s New York Rangers and the WNBA’s New York Liberty. Through these flagship franchises, MSG Sports offers a range of products and services including ticketing, premium seating and sponsorship opportunities, targeting fans in the New York metropolitan area and beyond.

In addition to team operations, Madison Square Garden Sports Corp holds a majority stake in MSG Networks, a regional cable network that broadcasts live sporting events, news and original programming.