Bank of New York Mellon Corp Invests $7.26 Million in Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Bank of New York Mellon purchased 139,988 shares of Atlanta Braves Holdings, valued at approximately $7.26 million, giving it a 0.26% stake. Institutional investors and hedge funds collectively own 64.88% of the company.
• Analyst sentiment is mixed, with one Buy, two Hold, and one Sell rating; the average rating is Hold with a $63.50 price target. Recent actions included Morgan Stanley downgrading the stock to Equal Weight and Rosenblatt lowering its target to $73.
• BATRK shares opened at $50.78, while the company’s latest quarterly results missed expectations, reporting a $0.19 loss per share versus consensus for earnings of $0.31 and revenue of $305.12 million versus $319 million expected.

Bank of New York Mellon Corp purchased a new position in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 139,988 shares of the financial services provider's stock, valued at approximately $7,265,000. Bank of New York Mellon Corp owned approximately 0.26% of Atlanta Braves at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Atlanta Braves by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 2,789,084 shares of the financial services provider's stock valued at $110,029,000 after acquiring an additional 317,065 shares during the last quarter. Hawk Ridge Capital Management LP boosted its position in shares of Atlanta Braves by 16.5% in the 4th quarter. Hawk Ridge Capital Management LP now owns 2,661,429 shares of the financial services provider's stock valued at $104,993,000 after purchasing an additional 377,307 shares during the period. Broad Bay Capital Management LP increased its stake in Atlanta Braves by 11.9% in the 4th quarter. Broad Bay Capital Management LP now owns 2,202,745 shares of the financial services provider's stock worth $86,898,000 after purchasing an additional 233,771 shares in the last quarter. Troluce Capital Advisors LLC raised its holdings in Atlanta Braves by 274.9% during the 1st quarter. Troluce Capital Advisors LLC now owns 2,000,000 shares of the financial services provider's stock worth $85,400,000 after buying an additional 1,466,584 shares during the period. Finally, CI Investments Inc. raised its holdings in Atlanta Braves by 1.0% during the 4th quarter. CI Investments Inc. now owns 1,699,739 shares of the financial services provider's stock worth $67,055,000 after buying an additional 16,404 shares during the period. 64.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BATRK has been the topic of several analyst reports. Wall Street Zen downgraded shares of Atlanta Braves from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 8th. Morgan Stanley downgraded shares of Atlanta Braves from an "overweight" rating to an "equal weight" rating and set a $54.00 price target for the company. in a research report on Wednesday, July 15th. Rosenblatt Securities decreased their price objective on shares of Atlanta Braves from $75.00 to $73.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Atlanta Braves in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $63.50.

Atlanta Braves Stock Down 1.0%

BATRK stock opened at $50.78 on Friday. The firm has a 50 day moving average of $51.48 and a two-hundred day moving average of $48.47. Atlanta Braves Holdings, Inc. has a 12 month low of $37.76 and a 12 month high of $54.46. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -50.28 and a beta of 0.67.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported ($0.19) earnings per share for the quarter, missing analysts' consensus estimates of $0.31 by ($0.50). The firm had revenue of $305.12 million for the quarter, compared to analyst estimates of $319.00 million. On average, research analysts expect that Atlanta Braves Holdings, Inc. will post -0.44 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding BATRK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.