Cinctive Capital Management LP Purchases New Stake in Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Cinctive Capital Management LP has made a new investment of approximately $8.25 million in Atlanta Braves Holdings, purchasing 206,291 shares of the company.
• Several institutional investors recently adjusted their stakes in BATRK, with notable increases in holdings from Tower Research Capital and Price T Rowe Associates.
• Wall Street analysts have generally rated Atlanta Braves with a "Moderate Buy", with a consensus target price of $57.00.

Cinctive Capital Management LP acquired a new stake in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 206,291 shares of the financial services provider's stock, valued at approximately $8,254,000. Cinctive Capital Management LP owned 0.40% of Atlanta Braves as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Breach Inlet Capital Management LLC increased its stake in Atlanta Braves by 7.0% in the 1st quarter. Breach Inlet Capital Management LLC now owns 555,888 shares of the financial services provider's stock valued at $22,241,000 after buying an additional 36,510 shares during the period. AQR Capital Management LLC acquired a new position in shares of Atlanta Braves during the 1st quarter worth $382,000. Ancora Advisors LLC grew its stake in shares of Atlanta Braves by 62.7% during the 1st quarter. Ancora Advisors LLC now owns 217,480 shares of the financial services provider's stock worth $8,701,000 after purchasing an additional 83,830 shares during the period. Southpoint Capital Advisors LP grew its stake in shares of Atlanta Braves by 6.7% during the 1st quarter. Southpoint Capital Advisors LP now owns 800,000 shares of the financial services provider's stock worth $32,008,000 after purchasing an additional 50,000 shares during the period. Finally, Irenic Capital Management LP acquired a new position in shares of Atlanta Braves during the 1st quarter worth $15,794,000. 64.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BATRK shares. 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. Wall Street Zen raised shares of Atlanta Braves from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, 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. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Atlanta Braves presently has an average rating of "Moderate Buy" and an average target price of $57.00.

Insider Transactions at Atlanta Braves

In other news, EVP Michael P. Plant sold 69,000 shares of the stock in a transaction dated 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 transaction, the executive vice president directly owned 205,593 shares in the company, valued at $8,840,499. This represents a 25.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Derek Gordon Schiller sold 72,505 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 $3,117,715.00. Following the transaction, the executive vice president owned 300,233 shares in the company, valued at approximately $12,910,019. The trade was a 19.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 211,605 shares of company stock worth $9,214,527.

Atlanta Braves Price Performance

NASDAQ:BATRK traded up $0.01 on Monday, reaching $42.37. The stock had a trading volume of 953,838 shares, compared to its average volume of 299,652. The company has a market cap of $2.66 billion, a price-to-earnings ratio of -121.06 and a beta of 0.67. The firm's fifty day moving average is $45.13 and its two-hundred day moving average is $42.04. Atlanta Braves Holdings, Inc. has a 12-month low of $35.46 and a 12-month high of $47.18.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last released its earnings results on Thursday, August 7th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.64 by ($0.18). The business had revenue of $312.44 million for the quarter, compared to the consensus estimate 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.

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.