Madison Square Garden Sports (NYSE:MSGS) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Madison Square Garden Sports (NYSE:MSGS) from a strong-buy rating to a hold rating in a research report report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Madison Square Garden Sports Corp. is a professional sports company, with a collection of assets which includes the New York Knicks and the New York Rangers as well as development league teams – the Westchester Knicks and the Hartford Wolf Pack; and esports teams. The company also owns professional sports team performance centers – the MSG Training Center in Greenburgh, NY and the CLG Performance Center in Los Angeles, CA. Madison Square Garden Sports Corp., formerly known as Madison Square Garden Company, is based in New York, United States. “

MSGS has been the subject of several other reports. JPMorgan Chase & Co. raised their price objective on Madison Square Garden Sports from $190.00 to $220.00 and gave the company an overweight rating in a research note on Monday, November 1st. Morgan Stanley downgraded Madison Square Garden Sports from an overweight rating to an equal weight rating and dropped their price objective for the company from $230.00 to $200.00 in a research note on Wednesday, December 15th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $210.20.

Shares of MSGS stock opened at $167.40 on Wednesday. The stock has a 50 day simple moving average of $174.95 and a 200-day simple moving average of $175.87. Madison Square Garden Sports has a 12-month low of $152.42 and a 12-month high of $207.09.

Madison Square Garden Sports (NYSE:MSGS) last released its quarterly earnings data on Wednesday, November 10th. The company reported ($0.68) earnings per share for the quarter, beating the consensus estimate of ($1.12) by $0.44. The firm had revenue of $18.79 million during the quarter, compared to analysts’ expectations of $23.77 million. During the same period in the previous year, the business earned ($1.18) earnings per share. On average, equities research analysts expect that Madison Square Garden Sports will post 0.67 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of MSGS. Vanguard Group Inc. raised its position in shares of Madison Square Garden Sports by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 1,716,358 shares of the company’s stock worth $296,191,000 after buying an additional 45,132 shares during the period. Gamco Investors INC. ET AL raised its position in shares of Madison Square Garden Sports by 1.1% in the 3rd quarter. Gamco Investors INC. ET AL now owns 637,532 shares of the company’s stock worth $118,549,000 after buying an additional 6,986 shares during the period. Gabelli Funds LLC raised its position in shares of Madison Square Garden Sports by 2.6% in the 2nd quarter. Gabelli Funds LLC now owns 411,183 shares of the company’s stock worth $70,958,000 after buying an additional 10,500 shares during the period. UBS Asset Management Americas Inc. raised its position in shares of Madison Square Garden Sports by 484.6% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 407,795 shares of the company’s stock worth $75,829,000 after buying an additional 338,041 shares during the period. Finally, Morgan Stanley raised its position in shares of Madison Square Garden Sports by 86.2% in the 2nd quarter. Morgan Stanley now owns 398,321 shares of the company’s stock worth $68,739,000 after buying an additional 184,430 shares during the period. Institutional investors and hedge funds own 73.46% of the company’s stock.

Madison Square Garden Sports Company Profile

Madison Square Garden Sports Corp. is a professional sports company. It owns and operates a portfolio of assets featuring some of the teams in all of sports, including the New York Knickerbockers (the Knicks) of the National Basketball Association (NBA) and the New York Rangers (the Rangers) of the National Hockey League (NHL).

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