Atlanta Braves Holdings, Inc. $BATRK Position Trimmed by JNE Partners LLP

Key Points

• JNE Partners LLP trimmed its stake by 83.2% in Atlanta Braves Holdings during Q3, selling 600,186 shares and leaving 120,955 shares worth about $5.03 million, making BATRK its sixth-largest position.
• Institutional activity was mixed: Highbridge raised its stake 34.9% to 393,633 shares, Vanguard holds 2,472,019 shares (~$102.8M), Capula opened a new position, and major shareholder John C. Malone bought 35,000 shares, increasing his holding to 521,862 shares.
• Shares opened at $43.09 (market cap $2.27B); the company beat the quarter's EPS estimate (‑$0.28 vs. ‑$0.66) and carries a consensus "Moderate Buy" rating with a $57 price target.

JNE Partners LLP decreased its stake in shares of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 83.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,955 shares of the financial services provider's stock after selling 600,186 shares during the quarter. Atlanta Braves comprises 2.1% of JNE Partners LLP's holdings, making the stock its 6th biggest position. JNE Partners LLP owned approximately 0.23% of Atlanta Braves worth $5,031,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Elgethun Capital Management raised its stake in Atlanta Braves by 6.8% in the 2nd quarter. Elgethun Capital Management now owns 145,531 shares of the financial services provider's stock worth $6,806,000 after acquiring an additional 9,250 shares during the last quarter. Highbridge Capital Management LLC grew its stake in Atlanta Braves by 34.9% during the 3rd quarter. Highbridge Capital Management LLC now owns 393,633 shares of the financial services provider's stock valued at $16,371,000 after purchasing an additional 101,765 shares during the last quarter. Harvey Partners LLC grew its stake in Atlanta Braves by 7.3% during the 2nd quarter. Harvey Partners LLC now owns 709,386 shares of the financial services provider's stock valued at $33,178,000 after purchasing an additional 48,386 shares during the last quarter. Capula Management Ltd acquired a new position in shares of Atlanta Braves in the third quarter valued at about $977,000. Finally, Vanguard Group Inc. increased its holdings in shares of Atlanta Braves by 1.0% in the third quarter. Vanguard Group Inc. now owns 2,472,019 shares of the financial services provider's stock valued at $102,811,000 after purchasing an additional 23,694 shares during the period. 64.88% of the stock is currently owned by institutional investors and hedge funds.

Atlanta Braves Stock Up 0.4%

Shares of BATRK stock opened at $43.09 on Monday. Atlanta Braves Holdings, Inc. has a 52-week low of $35.46 and a 52-week high of $47.18. The stock has a market cap of $2.27 billion, a PE ratio of -110.48 and a beta of 0.54. The business has a 50-day simple moving average of $41.38 and a 200-day simple moving average of $40.64.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last posted its earnings results on Wednesday, February 25th. The financial services provider reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.66) by $0.38. The company had revenue of $61.30 million for the quarter, compared to analyst estimates of $54.93 million. Sell-side analysts anticipate that Atlanta Braves Holdings, Inc. will post -0.89 earnings per share for the current fiscal year.

Insider Activity at Atlanta Braves

In other news, major shareholder John C. Malone acquired 35,000 shares of the company's stock in a transaction dated Thursday, February 5th. The shares were acquired at an average price of $44.23 per share, with a total value of $1,548,050.00. Following the purchase, the insider directly owned 521,862 shares of the company's stock, valued at $23,081,956.26. This trade represents a 7.19% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

Several brokerages have recently issued reports on BATRK. Zacks Research upgraded Atlanta Braves from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Atlanta Braves in a report on Monday, December 29th. Rosenblatt Securities restated a "buy" rating and set a $69.00 price objective on shares of Atlanta Braves in a research note on Thursday, February 26th. Finally, Wall Street Zen downgraded shares of Atlanta Braves from a "hold" rating to a "sell" rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.00.

About Atlanta Braves

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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