The Madison Square Garden Company (MSG - Free Report) was a big mover last session, as the company saw its shares rise nearly 7% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $208.15 to $217.42 in the past one-month time frame.
The move came after Tilman Fertitta, the billionaire entrepreneur and owner of NBA franchise, inked a deal with Leslie Alexander, owner of Houston Rockets, to acquire the franchise for $2.2 billion. A high price tag of the Houston Rockets increases the perceived value of New York Knicks’ franchise. This might benefit Madison Square Garden, which is known for hosting the iconic Knicks’ basketball games.
The company has seen a mixed track record when it comes to estimate revisions of no increase and one decrease over the past few weeks, while the Zacks Consensus Estimate for the current quarter hasn’t been in a trend either. The recent price action is encouraging though, so make sure to keep a close watch on this firm in the near future.
Madison Square Garden currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.
A better-ranked stock in the Leisure and Recreation Services industry is Camping World Holdings Inc. (CWH - Free Report) , holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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