Citigroup Initiates Coverage on Atlanta Braves (NASDAQ:BATRK)

Citigroup started coverage on shares of Atlanta Braves (NASDAQ:BATRK - Free Report) in a research report released on Friday,Benzinga reports. The brokerage issued a neutral rating and a $45.00 price target on the financial services provider's stock.

Separately, Wall Street Zen upgraded shares of Atlanta Braves from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd.

Atlanta Braves Trading Down 1.5%

BATRK stock traded down $0.65 during midday trading on Friday, hitting $42.51. The stock had a trading volume of 244,550 shares, compared to its average volume of 285,469. The firm has a market cap of $2.18 billion, a P/E ratio of -58.23 and a beta of 0.54. Atlanta Braves has a 1-year low of $35.46 and a 1-year high of $44.43. The business has a fifty day moving average price of $39.96 and a two-hundred day moving average price of $39.37.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The financial services provider reported ($0.66) earnings per share for the quarter, beating the consensus estimate of ($0.94) by $0.28. The company had revenue of $47.21 million for the quarter, compared to analyst estimates of $36.87 million. On average, equities analysts anticipate that Atlanta Braves will post -0.89 EPS for the current year.

Insider Buying and Selling

In other Atlanta Braves news, EVP Michael P. Plant sold 69,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $43.00, for a total value of $2,967,000.00. Following the completion of the sale, the executive vice president now directly owns 205,593 shares of the company's stock, valued at approximately $8,840,499. This represents a 25.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Derek Gordon Schiller sold 72,505 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $43.00, for a total transaction of $3,117,715.00. Following the completion of the sale, the executive vice president now directly owns 300,233 shares of the company's stock, valued at $12,910,019. The trade was a 19.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 121,872 shares of company stock worth $5,043,730 and have sold 147,272 shares worth $6,322,139. 11.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Atlanta Braves

A number of institutional investors have recently added to or reduced their stakes in BATRK. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Atlanta Braves by 5.5% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,501 shares of the financial services provider's stock valued at $440,000 after acquiring an additional 604 shares during the period. ABC Arbitrage SA bought a new position in shares of Atlanta Braves during the 4th quarter valued at approximately $204,000. Rhumbline Advisers grew its position in shares of Atlanta Braves by 16.8% during the 4th quarter. Rhumbline Advisers now owns 80,240 shares of the financial services provider's stock valued at $3,070,000 after acquiring an additional 11,554 shares during the period. State of New Jersey Common Pension Fund D grew its position in shares of Atlanta Braves by 12.7% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 52,050 shares of the financial services provider's stock valued at $1,991,000 after acquiring an additional 5,877 shares during the period. Finally, Truist Financial Corp grew its position in shares of Atlanta Braves by 5.2% during the 4th quarter. Truist Financial Corp now owns 10,892 shares of the financial services provider's stock valued at $417,000 after acquiring an additional 535 shares during the period. 64.88% of the stock is owned by institutional investors.

About Atlanta Braves

Atlanta Braves Holdings, Inc owns and operates the Atlanta Braves Major league baseball club. It also operates mixed-use development project, including retail, office, hotel, and entertainment projects. The company was incorporated in 2022 and is based in Englewood, Colorado.