Atlanta Braves (NASDAQ:BATRK) Downgraded by Morgan Stanley to "Equal Weight"

Key Points

• Morgan Stanley downgraded Atlanta Braves (NASDAQ:BATRK) from overweight to equal weight, while keeping a $54 price target, implying modest upside from the prior close.
• Analyst sentiment is mixed overall, with a consensus rating of Hold and an average price target of $64.50 across recent research notes from several firms.
• The company recently beat quarterly estimates, reporting EPS of -$0.63 versus expectations for -$0.83 and revenue of $72.01 million versus $64.60 million expected.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) was downgraded by investment analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating in a report released on Wednesday, Marketbeat.com reports. They presently have a $54.00 price target on the financial services provider's stock. Morgan Stanley's target price would indicate a potential upside of 3.69% from the stock's previous close.

A number of other equities research analysts also recently commented on the stock. Zacks Research downgraded shares of Atlanta Braves from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Weiss Ratings reissued a "sell (d-)" rating on shares of Atlanta Braves in a research note on Wednesday, June 24th. Wall Street Zen raised Atlanta Braves from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Finally, Rosenblatt Securities upped their price objective on Atlanta Braves from $69.00 to $75.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $64.50.

Atlanta Braves Stock Performance

Shares of BATRK opened at $52.08 on Wednesday. The stock has a market capitalization of $2.75 billion, a P/E ratio of -144.67 and a beta of 0.68. Atlanta Braves has a 1 year low of $37.76 and a 1 year high of $53.25. The company's fifty day moving average is $50.78 and its two-hundred day moving average is $45.52.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last released its earnings results on Monday, May 11th. The financial services provider reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.83) by $0.20. The firm had revenue of $72.01 million during the quarter, compared to analyst estimates of $64.60 million. Sell-side analysts predict that Atlanta Braves will post 0.02 EPS for the current year.

Institutional Investors Weigh In On Atlanta Braves

Institutional investors and hedge funds have recently made changes to their positions in the business. Comerica Bank raised its position in Atlanta Braves by 44.8% during the first quarter. Comerica Bank now owns 1,031 shares of the financial services provider's stock worth $41,000 after acquiring an additional 319 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of Atlanta Braves during the 1st quarter worth approximately $382,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Atlanta Braves by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,839 shares of the financial services provider's stock valued at $1,194,000 after buying an additional 1,302 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Atlanta Braves by 12,972.7% in the 1st quarter. Jones Financial Companies Lllp now owns 18,694 shares of the financial services provider's stock valued at $748,000 after buying an additional 18,551 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Atlanta Braves by 8.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 269,383 shares of the financial services provider's stock valued at $10,778,000 after buying an additional 21,883 shares during the last quarter. 64.88% of the stock is currently owned by hedge funds and other institutional investors.

Atlanta Braves Company Profile

The Atlanta Braves Real Estate Ownership Trust NASDAQ: BATRK is a publicly traded real estate investment trust established in 2021 by Liberty Braves Group. The trust's primary purpose is to own and manage a portfolio of sports and entertainment properties related to the Atlanta Braves baseball franchise. BATRK generates stable rental income by leasing its assets to the Braves Baseball Club, LLC, under long-term lease agreements designed to align property performance with franchise needs.

The trust's portfolio is anchored by Truist Park, the 41,084-seat baseball stadium that has served as the Braves' home since 2017.

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