Atlanta Braves Holdings, Inc. $BATRK Shares Acquired by Elgethun Capital Management

Key Points

• Elgethun Capital Management increased its stake in Atlanta Braves Holdings (NASDAQ:BATRK) by 6.8% in Q2, buying 9,250 shares to hold 145,531 shares valued at $6.806 million (0.28% of the company and 1.4% of Elgethun's portfolio).
• Other institutions materially added shares—Wellington Management more than doubled its stake (+105.9%) and Aristeia, T. Rowe Price, Broad Bay and Gabelli also increased holdings—leaving institutional ownership at 64.88%; insider John C. Malone separately bought 28,567 shares, and insiders net acquired 67,236 shares in the last 90 days.
• The stock trades around $39 with a $2.03 billion market cap and a deeply negative P/E (-983.25); Atlanta Braves beat quarterly EPS estimates ($0.47 vs. $0.24) but analysts are mixed, with an average rating of "Moderate Buy" and an average target of $57.

Elgethun Capital Management grew its holdings in shares of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 6.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 145,531 shares of the financial services provider's stock after purchasing an additional 9,250 shares during the period. Atlanta Braves makes up 1.4% of Elgethun Capital Management's portfolio, making the stock its 21st biggest holding. Elgethun Capital Management owned 0.28% of Atlanta Braves worth $6,806,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Aristeia Capital L.L.C. boosted its position in shares of Atlanta Braves by 2.3% in the 1st quarter. Aristeia Capital L.L.C. now owns 2,470,052 shares of the financial services provider's stock valued at $98,827,000 after purchasing an additional 55,690 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Atlanta Braves by 8.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,829,000 shares of the financial services provider's stock worth $73,179,000 after buying an additional 138,111 shares during the period. Broad Bay Capital Management LP boosted its holdings in shares of Atlanta Braves by 24.3% in the first quarter. Broad Bay Capital Management LP now owns 1,732,882 shares of the financial services provider's stock worth $69,333,000 after buying an additional 338,655 shares during the period. Gabelli Funds LLC increased its position in shares of Atlanta Braves by 3.7% in the first quarter. Gabelli Funds LLC now owns 1,473,271 shares of the financial services provider's stock worth $58,946,000 after acquiring an additional 52,777 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Atlanta Braves by 105.9% during the first quarter. Wellington Management Group LLP now owns 1,348,113 shares of the financial services provider's stock valued at $53,938,000 after acquiring an additional 693,351 shares during the period. 64.88% of the stock is currently owned by institutional investors.

Atlanta Braves Stock Performance

Shares of BATRK stock opened at $39.34 on Thursday. The stock's 50 day simple moving average is $39.91 and its 200 day simple moving average is $42.44. Atlanta Braves Holdings, Inc. has a twelve month low of $35.46 and a twelve month high of $47.18. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of -983.25 and a beta of 0.61.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last posted its earnings results on Wednesday, November 5th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.23. The firm had revenue of $311.54 million during the quarter, compared to analyst estimates of $309.06 million. On average, analysts forecast that Atlanta Braves Holdings, Inc. will post -0.89 EPS for the current fiscal year.

Insider Activity at Atlanta Braves

In related news, major shareholder John C. Malone bought 28,567 shares of the company's stock in a transaction dated Monday, November 17th. The stock was acquired at an average cost of $41.97 per share, with a total value of $1,198,956.99. Following the acquisition, the insider owned 479,972 shares in the company, valued at approximately $20,144,424.84. This represents a 6.33% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Gamco Investors, Inc. Et Al sold 1,100 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $45.19, for a total value of $49,709.00. Following the transaction, the insider owned 1,800 shares of the company's stock, valued at $81,342. This represents a 37.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders acquired 67,236 shares of company stock valued at $2,822,097 and sold 3,700 shares valued at $167,859. Corporate insiders own 11.43% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on BATRK. Zacks Research upgraded Atlanta Braves from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 6th. Weiss Ratings restated a "sell (d)" rating on shares of Atlanta Braves in a research report on Wednesday, November 19th. Finally, Wall Street Zen cut Atlanta Braves from a "hold" rating to a "sell" rating in a research note on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Atlanta Braves has an average rating of "Moderate Buy" and an average target price of $57.00.

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.

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