Atlanta Braves Holdings, Inc. $BATRK Shares Purchased by Broad Bay Capital Management LP

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 increased its holdings in shares of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 24.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,732,882 shares of the financial services provider's stock after buying an additional 338,655 shares during the period. Atlanta Braves comprises 10.2% of Broad Bay Capital Management LP's investment portfolio, making the stock its 2nd largest holding. Broad Bay Capital Management LP owned approximately 3.38% of Atlanta Braves worth $69,333,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of Atlanta Braves by 56.4% during the first quarter. CWM LLC now owns 824 shares of the financial services provider's stock worth $33,000 after acquiring an additional 297 shares during the period. Comerica Bank boosted its stake in shares of 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 buying an additional 319 shares during the period. Summit Securities Group LLC acquired a new position in shares of Atlanta Braves during the first quarter worth about $60,000. Versant Capital Management Inc increased its stake in shares of Atlanta Braves by 335.7% during the first quarter. Versant Capital Management Inc now owns 1,817 shares of the financial services provider's stock worth $73,000 after buying an additional 1,400 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Atlanta Braves in the first quarter valued at approximately $84,000. Hedge funds and other institutional investors own 64.88% of the company's stock.

Insider Activity

In other Atlanta Braves news, EVP Derek Gordon Schiller sold 72,505 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $43.00, for a total transaction of $3,117,715.00. Following the completion of the sale, the executive vice president directly owned 300,233 shares of the company's stock, valued at $12,910,019. This represents a 19.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael P. Plant sold 69,000 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $43.00, for a total transaction of $2,967,000.00. Following the transaction, the executive vice president directly owned 205,593 shares of the company's stock, valued at $8,840,499. This represents a 25.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 211,605 shares of company stock worth $9,214,527 in the last 90 days.

Analyst Upgrades and Downgrades

Several research analysts have commented on BATRK shares. Citigroup upgraded shares of Atlanta Braves to a "hold" rating and set a $45.00 price target for the company in a report on Friday, June 13th. Wall Street Zen upgraded Atlanta Braves from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Rosenblatt Securities upped their price objective on Atlanta Braves from $52.00 to $69.00 and gave the stock a "buy" rating in a research report on Friday, June 20th. 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 currently has an average rating of "Moderate Buy" and an average price target of $57.00.

Atlanta Braves Stock Down 0.8%

NASDAQ:BATRK traded down $0.36 during mid-day trading on Wednesday, reaching $43.30. 98,075 shares of the stock were exchanged, compared to its average volume of 291,501. Atlanta Braves Holdings, Inc. has a 1 year low of $35.46 and a 1 year high of $47.18. The company has a 50 day simple moving average of $45.35 and a 200-day simple moving average of $41.97. The stock has a market capitalization of $2.72 billion, a P/E ratio of -123.71 and a beta of 0.67.

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