Broad Bay Capital Management LP Grows Stock Holdings in Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Broad Bay Capital Management LP increased its holdings in Atlanta Braves Holdings by 24.3%, now owning approximately 1.73 million shares valued at $69.33 million, making it their second largest position.
• Insiders at Atlanta Braves sold over 211,000 shares valued at more than $9 million in the last quarter, with notable sales by EVP Michael P. Plant and EVP Derek Gordon Schiller.
• Analysts have generally upgraded their ratings for Atlanta Braves, with a consensus price target of $57.00 and a recent "buy" rating from Rosenblatt Securities, increasing its target from $52.00 to $69.00.

Broad Bay Capital Management LP raised its position in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 24.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,732,882 shares of the financial services provider's stock after buying an additional 338,655 shares during the quarter. Atlanta Braves accounts for 10.2% of Broad Bay Capital Management LP's holdings, making the stock its 2nd biggest holding. Broad Bay Capital Management LP owned 3.38% of Atlanta Braves worth $69,333,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Landscape Capital Management L.L.C. boosted its holdings in Atlanta Braves by 32.7% in the 1st quarter. Landscape Capital Management L.L.C. now owns 8,059 shares of the financial services provider's stock valued at $322,000 after purchasing an additional 1,984 shares during the period. Gabelli Funds LLC boosted its holdings in Atlanta Braves by 3.7% in the 1st quarter. Gabelli Funds LLC now owns 1,473,271 shares of the financial services provider's stock valued at $58,946,000 after purchasing an additional 52,777 shares during the period. Comerica Bank boosted its holdings in Atlanta Braves by 44.8% in the 1st quarter. Comerica Bank now owns 1,031 shares of the financial services provider's stock valued at $41,000 after purchasing an additional 319 shares during the period. Tribune Investment Group LP bought a new stake in Atlanta Braves in the 1st quarter valued at about $2,401,000. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Atlanta Braves by 8.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,829,000 shares of the financial services provider's stock valued at $73,179,000 after purchasing an additional 138,111 shares during the period. 64.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on BATRK shares. Citigroup raised shares of Atlanta Braves to a "hold" rating and set a $45.00 price objective for the company in a report on Friday, June 13th. Wall Street Zen raised shares of Atlanta Braves from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Rosenblatt Securities boosted their price objective on shares of Atlanta Braves from $52.00 to $69.00 and gave the company a "buy" rating in a report on Friday, June 20th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Atlanta Braves presently has an average rating of "Moderate Buy" and a consensus target price of $57.00.

Insider Activity

In other Atlanta Braves news, EVP Derek Gordon Schiller sold 30,000 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $45.50, for a total transaction of $1,365,000.00. Following the completion of the transaction, the executive vice president owned 300,233 shares in the company, valued at $13,660,601.50. This trade represents a 9.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael P. Plant sold 69,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $43.00, for a total transaction of $2,967,000.00. Following the sale, the executive vice president owned 205,593 shares in the company, valued at $8,840,499. The trade was a 25.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 211,605 shares of company stock worth $9,214,527.

Atlanta Braves Stock Performance

BATRK traded down $1.32 during midday trading on Tuesday, reaching $43.66. The company had a trading volume of 192,236 shares, compared to its average volume of 292,133. Atlanta Braves Holdings, Inc. has a 12-month low of $35.46 and a 12-month high of $47.18. The business has a 50-day moving average price of $45.41 and a two-hundred day moving average price of $41.95. The stock has a market cap of $2.74 billion, a PE ratio of -124.74 and a beta of 0.67.

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

Atlanta Braves Company Profile

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.