The stock of MSG Networks Inc. (NYSE:MSGN) is now priced at $9.58 and the shares are -0.16 points down or -1.64% lower compared to its previous closing price of $9.74. The stock had 1.333 million contracts set over the past session. MSGN shares’ daily volume is compared to its average trading volume at 0.511 million shares. However, it has a float of 40.91 million and although its performance was -6.81% over the week, it’s one to watch. Analysts have given the MSGN stock a yearly average price target of $12.71 per share. It means the stock’s upside potential is 32.67% with the MSGN share price recently placing at $9.49 to $9.79. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are running away from the MSG Networks Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the MSGN shares have declined. Short interest in the stock represents just 27.77% of its float, but the volume has dropped by 0.
In the last trading session, MSG Networks Inc. (NYSE:MSGN) dropped by -$0.7 over the week and lost -$0.66 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $18.54. The stock recorded its established 52-week high on 11/15/19.
Since 04/02/20, the stock has traded to a low of $8.52 at 12.51%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.95. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, MSG Networks Inc.’s two-week RSI is 40.38. This suggests that the stock is neutral at the moment and that MSGN shares’ price movement remains stable. The stochastic readings are equally revealing at 6.94% meaning the MSGN share price is currently in overbought territory.
The technical chart shows that the MSGN stock will likely settle at between $9.75 and $9.92 per share. However, if the stock dips below $9.45, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.32.
Currently, the stock is trading in the red of MACD, with a reading of -0.32. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Guggenheim raised their recommendation for MSGN from Sell to Neutral in August 14 review while maintain their target price of $10. Wolfe Research analysts see the stock as a Underperform with a target price of $8 in a flash note released to investors on June 25 initiating covering the stock. Guggenheim seeing the stock struggling downgraded it from Neutral to Sell on November 19 placing it at $15.
The average rating for the MSGN equity is 3.5 and is currently gathering a bearish momentum. Of 8 analysts tracking MSG Networks Inc. polled by Reuters, 4 rated MSGN as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 3 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the MSGN stock price is 3.91X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 3.3 below the group’s average of 36.4. MSG Networks Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 3.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for MSG Networks Inc. (NYSE:MSGN) will decrease by about -99.9%, which will see them reach $158 million. The company’s full-year revenues are, however, expected to diminish by about -2.26%, down from $686 million to $670 million. MSGN’s expected adjusted earnings should surge almost 12.28% to end up at $0.64 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -10.51% to record $2.64/share.