Rhumbline Advisers Cuts Position in Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Rhumbline Advisers reduced its position in Atlanta Braves Holdings, Inc. by 10.4%, selling 8,313 shares during the first quarter.
• Institutional investors own 64.88% of Atlanta Braves Holdings, with notable increases from various firms, including Gabelli Funds and Russell Investments Group.
• Analysts have upgraded the company’s rating to "hold" and set an average target price of $57.00 for its stock, BATRK.

Rhumbline Advisers decreased its position in shares of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 10.4% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 71,927 shares of the financial services provider's stock after selling 8,313 shares during the quarter. Rhumbline Advisers owned approximately 0.14% of Atlanta Braves worth $2,878,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in Atlanta Braves by 105.9% in the 1st quarter. Wellington Management Group LLP now owns 1,348,113 shares of the financial services provider's stock worth $53,938,000 after purchasing an additional 693,351 shares in the last quarter. Irenic Capital Management LP purchased a new stake in shares of Atlanta Braves during the 1st quarter valued at about $15,794,000. Broad Bay Capital Management LP raised its position in shares of Atlanta Braves by 24.3% during the 1st quarter. Broad Bay Capital Management LP now owns 1,732,882 shares of the financial services provider's stock valued at $69,333,000 after buying an additional 338,655 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Atlanta Braves during the 1st quarter valued at about $12,077,000. Finally, Nuveen LLC purchased a new stake in shares of Atlanta Braves during the 1st quarter valued at about $8,995,000. Hedge funds and other institutional investors own 64.88% of the company's stock.

Analyst Ratings Changes

BATRK has been the topic of a number of recent research reports. Rosenblatt Securities increased their price objective on shares of Atlanta Braves from $52.00 to $69.00 and gave the company a "buy" rating in a research note on Friday, June 20th. Citigroup raised shares of Atlanta Braves to a "hold" rating and set a $45.00 price target on the stock in a research note on Friday, June 13th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Atlanta Braves has an average rating of "Moderate Buy" and an average price target of $57.00.

Atlanta Braves Price Performance

BATRK stock traded down $0.51 during midday trading on Friday, reaching $41.22. 929,616 shares of the company's stock traded hands, compared to its average volume of 298,293. The company has a market capitalization of $2.59 billion, a P/E ratio of -117.77 and a beta of 0.67. Atlanta Braves Holdings, Inc. has a fifty-two week low of $35.46 and a fifty-two week high of $47.18. The business has a 50-day moving average price of $44.22 and a two-hundred day moving average price of $42.15.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.18). The company had revenue of $312.44 million for the quarter, compared to analysts' expectations of $296.36 million. As a group, research analysts forecast that Atlanta Braves Holdings, Inc. will post -0.89 earnings per share for the current fiscal year.

Insider Activity at Atlanta Braves

In related news, major shareholder Gamco Investors, Inc. Et Al sold 1,100 shares of Atlanta Braves stock in a transaction on Friday, September 19th. The shares were sold at an average price of $45.19, for a total value of $49,709.00. Following the completion of the sale, the insider owned 1,800 shares of the company's stock, valued at approximately $81,342. The trade was a 37.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 11.43% of the company's stock.

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.