MSG Knickerbockers (NYSE:MSGK) Releases Earnings Results

MSG Knickerbockers (NYSE:MSGK) issued its earnings results on Friday. The company reported ($1.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.18) by ($0.11), Zacks reports. MSG Knickerbockers had a negative return on equity of 3.47% and a net margin of 0.67%. The company’s quarterly revenue was up 15.2% on a year-over-year basis.

MSG Knickerbockers Stock Down 2.3%

NYSE:MSGK traded down $7.14 during mid-day trading on Friday, hitting $310.21. The stock had a trading volume of 394,733 shares, compared to its average volume of 381,923. The company has a market cap of $7.47 billion, a PE ratio of 816.18 and a beta of 0.63. MSG Knickerbockers has a 52 week low of $210.90 and a 52 week high of $438.93.

MSG Knickerbockers News Summary

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

Wall Street Analysts Forecast Growth

MSGK has been the subject of a number of recent research reports. Zacks Research downgraded shares of MSG Knickerbockers from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 27th. Wolfe Research raised shares of MSG Knickerbockers from a “peer perform” rating to an “outperform” rating in a report on Wednesday. Weiss Ratings began coverage on MSG Knickerbockers in a research note on Wednesday, October 28th. They issued a “hold (c)” rating for the company. Finally, Guggenheim lowered their target price on MSG Knickerbockers from $584.00 to $445.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $445.00.

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.