Engineers Gate Manager LP Makes New $1.18 Million Investment in Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Engineers Gate Manager LP acquired 22,720 shares of Atlanta Braves Holdings, valued at approximately $1.18 million. Institutional investors and hedge funds collectively own 64.88% of BATRK.
• BATRK opened at $50.57, near its 50-day average, with a 52-week range of $37.76 to $54.46. The company’s latest quarterly results missed expectations, reporting a $0.19 loss per share versus the projected $0.31 profit and revenue of $305.12 million versus $319 million expected.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $63.50; recent actions included downgrades from Morgan Stanley and Wall Street Zen, while Rosenblatt maintained a “Buy” rating.

Engineers Gate Manager LP acquired a new stake in shares of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 22,720 shares of the financial services provider's stock, valued at approximately $1,179,000.

Other hedge funds also recently added to or reduced their stakes in the company. Troluce Capital Advisors LLC lifted its holdings in shares of Atlanta Braves by 274.9% in the 1st quarter. Troluce Capital Advisors LLC now owns 2,000,000 shares of the financial services provider's stock valued at $85,400,000 after buying an additional 1,466,584 shares during the period. Dimensional Fund Advisors LP raised its position in Atlanta Braves by 10.3% in the first quarter. Dimensional Fund Advisors LP now owns 935,115 shares of the financial services provider's stock worth $39,927,000 after acquiring an additional 87,538 shares in the last quarter. Southpoint Capital Advisors LP raised its position in Atlanta Braves by 28.6% in the first quarter. Southpoint Capital Advisors LP now owns 900,000 shares of the financial services provider's stock worth $38,430,000 after acquiring an additional 200,000 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Atlanta Braves by 13.2% in the first quarter. Janus Henderson Group PLC now owns 834,765 shares of the financial services provider's stock valued at $35,645,000 after acquiring an additional 97,443 shares during the period. Finally, Breach Inlet Capital Management LLC lifted its holdings in Atlanta Braves by 11.7% in the fourth quarter. Breach Inlet Capital Management LLC now owns 766,361 shares of the financial services provider's stock valued at $30,233,000 after acquiring an additional 80,488 shares during the period. 64.88% of the stock is owned by institutional investors and hedge funds.

Atlanta Braves Stock Down 0.1%

BATRK stock opened at $50.57 on Friday. The company has a market cap of $2.67 billion, a price-to-earnings ratio of -50.07 and a beta of 0.67. The business has a fifty day simple moving average of $51.07 and a 200-day simple moving average of $48.96. Atlanta Braves Holdings, Inc. has a 52 week low of $37.76 and a 52 week high of $54.46.

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

Analysts Set New Price Targets

BATRK has been the subject of a number of research 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. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Atlanta Braves in a research note on Wednesday, June 24th. Morgan Stanley cut Atlanta Braves from an "overweight" rating to an "equal weight" rating and set a $54.00 price objective for the company. in a report on Wednesday, July 15th. Finally, Rosenblatt Securities decreased their target price on Atlanta Braves from $75.00 to $73.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $63.50.

Atlanta Braves Company Profile

Atlanta Braves Holdings, Inc owns and operates the Atlanta Braves, a Major League Baseball franchise based in Atlanta, Georgia. The company's principal business activities include professional baseball operations, ticket sales, premium seating, sponsorships, broadcasting and media rights, concessions, retail merchandise, and other fan-related services.

The company also owns and operates The Battery Atlanta, a mixed-use development adjacent to Truist Park. The Battery Atlanta includes restaurants, retail stores, office space, residential properties, entertainment venues, hotels and event facilities, providing additional revenue opportunities beyond baseball.

The Braves franchise traces its history to 1871 and has previously been based in Boston and Milwaukee before relocating to Atlanta in 1966.

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