Granite Bay Wealth Management LLC Invests $315,000 in Madison Square Garden Sports Corp. (NYSE:MSGS)

Granite Bay Wealth Management LLC bought a new position in Madison Square Garden Sports Corp. (NYSE:MSGS) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,701 shares of the company’s stock, valued at approximately $315,000.

Several other institutional investors also recently bought and sold shares of MSGS. EverSource Wealth Advisors LLC grew its position in Madison Square Garden Sports by 80.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 224 shares of the company’s stock valued at $42,000 after purchasing an additional 100 shares during the last quarter. GAMMA Investing LLC grew its position in Madison Square Garden Sports by 179.8% during the 2nd quarter. GAMMA Investing LLC now owns 263 shares of the company’s stock valued at $49,000 after purchasing an additional 169 shares during the last quarter. Quent Capital LLC grew its position in Madison Square Garden Sports by 312.4% during the 1st quarter. Quent Capital LLC now owns 565 shares of the company’s stock valued at $104,000 after purchasing an additional 428 shares during the last quarter. BNP Paribas purchased a new stake in Madison Square Garden Sports during the 1st quarter valued at about $111,000. Finally, Dnca Finance purchased a new stake in Madison Square Garden Sports during the 2nd quarter valued at about $113,000. 68.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO James Lawrence Dolan sold 629 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $209.30, for a total transaction of $131,649.70. Following the sale, the chief executive officer now owns 10,192 shares of the company’s stock, valued at approximately $2,133,185.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 22.28% of the company’s stock.

Madison Square Garden Sports Stock Up 0.3 %

Shares of NYSE MSGS opened at $208.82 on Wednesday. The firm’s 50-day moving average price is $203.00 and its 200-day moving average price is $192.68. The company has a market cap of $5.00 billion, a PE ratio of 213.08 and a beta of 0.94. Madison Square Garden Sports Corp. has a 52-week low of $164.79 and a 52-week high of $213.26.

Madison Square Garden Sports (NYSE:MSGS) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.73. The firm had revenue of $227.25 million for the quarter, compared to the consensus estimate of $167.71 million. Madison Square Garden Sports had a net margin of 5.72% and a negative return on equity of 18.69%. The business’s quarterly revenue was up 79.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.39) EPS. As a group, equities research analysts anticipate that Madison Square Garden Sports Corp. will post 1.39 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Macquarie cut their price objective on shares of Madison Square Garden Sports from $240.00 to $235.00 and set an “outperform” rating on the stock in a research report on Friday, August 16th.

Madison Square Garden Sports Profile

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.