Gabelli Funds LLC Buys 52,777 Shares of Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Gabelli Funds LLC increased its stake in Atlanta Braves Holdings, acquiring an additional 52,777 shares and owning approximately 2.87% of the company, valued at $58.9 million.
• Major shareholder Mario J. Gabelli purchased 1,549 shares at $43.45 each, increasing his ownership by 6.05%, while EVP Michael P. Plant sold 69,000 shares for nearly $3 million.
• Atlanta Braves reported earnings of $0.46 per share for the latest quarter, missing estimates, and analysts have a consensus price target of $57.00 with a "Moderate Buy" rating.

Gabelli Funds LLC increased its stake in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 3.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,473,271 shares of the financial services provider's stock after acquiring an additional 52,777 shares during the quarter. Gabelli Funds LLC owned about 2.87% of Atlanta Braves worth $58,946,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC lifted its stake in shares of Atlanta Braves by 56.4% in 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 increased its holdings in Atlanta Braves by 44.8% in the first quarter. Comerica Bank now owns 1,031 shares of the financial services provider's stock worth $41,000 after purchasing an additional 319 shares in the last quarter. Summit Securities Group LLC bought a new stake in Atlanta Braves in the first quarter worth approximately $60,000. Versant Capital Management Inc increased its holdings in Atlanta Braves by 335.7% in the first quarter. Versant Capital Management Inc now owns 1,817 shares of the financial services provider's stock worth $73,000 after purchasing an additional 1,400 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in Atlanta Braves in the first quarter worth approximately $84,000. 64.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Atlanta Braves

In other news, EVP Michael P. Plant sold 69,000 shares of the business'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 $2,967,000.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Derek Gordon Schiller sold 30,000 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $45.50, for a total value of $1,365,000.00. Following the sale, the executive vice president owned 300,233 shares of the company's stock, valued at approximately $13,660,601.50. This represents a 9.08% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 211,605 shares of company stock valued at $9,214,527. Corporate insiders own 11.43% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on BATRK. Wall Street Zen upgraded Atlanta Braves from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Rosenblatt Securities lifted their target price on Atlanta Braves from $52.00 to $69.00 and gave the stock a "buy" rating in a report on Friday, June 20th. Finally, Citigroup upgraded Atlanta Braves to a "hold" rating and set a $45.00 target price for the company in a report on Friday, June 13th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $57.00.

Atlanta Braves Stock Performance

Shares of NASDAQ BATRK traded up $0.04 during midday trading on Friday, hitting $44.98. 287,383 shares of the stock traded hands, compared to its average volume of 250,462. The company has a market cap of $2.82 billion, a PE ratio of -128.51 and a beta of 0.67. Atlanta Braves Holdings, Inc. has a one year low of $35.46 and a one year high of $47.18. The business has a 50 day moving average price of $45.44 and a two-hundred day moving average price of $41.89.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The financial services provider reported $0.46 EPS 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 analysts' expectations of $296.36 million. As a group, equities research analysts forecast that Atlanta Braves Holdings, Inc. will post -0.89 EPS for the current fiscal year.

About Atlanta Braves

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.