Gabelli Funds LLC Has $56.05 Million Stock Holdings in Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Gabelli Funds LLC reduced its stake in Atlanta Braves Holdings by 6.0% in the first quarter, selling 83,512 shares and leaving it with 1,312,639 shares valued at about $56.05 million.
• Other institutional investors also adjusted positions, and 64.88% of the stock is owned by institutions, indicating heavy institutional interest in BATRK.
• Analyst sentiment is mixed but leans cautious: the stock has a consensus “Hold” rating with a consensus price target of $64.50, while recent earnings beat expectations on both EPS and revenue.

Gabelli Funds LLC trimmed its stake in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 6.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,312,639 shares of the financial services provider's stock after selling 83,512 shares during the period. Gabelli Funds LLC owned about 2.48% of Atlanta Braves worth $56,050,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in shares of Atlanta Braves by 46.4% during the third quarter. JPMorgan Chase & Co. now owns 204,929 shares of the financial services provider's stock worth $8,523,000 after buying an additional 64,968 shares in the last quarter. Parthenon LLC boosted its holdings in shares of Atlanta Braves by 31.3% in the 4th quarter. Parthenon LLC now owns 223,665 shares of the financial services provider's stock worth $8,824,000 after acquiring an additional 53,321 shares in the last quarter. Capula Management Ltd acquired a new position in shares of Atlanta Braves in the 1st quarter worth approximately $2,504,000. SG Americas Securities LLC grew its position in Atlanta Braves by 387.4% during the 4th quarter. SG Americas Securities LLC now owns 196,613 shares of the financial services provider's stock worth $7,756,000 after acquiring an additional 156,273 shares during the last quarter. Finally, UBS Group AG grew its position in Atlanta Braves by 14.5% during the 4th quarter. UBS Group AG now owns 557,102 shares of the financial services provider's stock worth $21,978,000 after acquiring an additional 70,341 shares during the last quarter. 64.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Morgan Stanley downgraded Atlanta Braves from an "overweight" rating to an "equal weight" rating and set a $54.00 price objective for the company. in a research report on Wednesday, July 15th. Wall Street Zen upgraded Atlanta Braves from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Atlanta Braves in a report on Wednesday, June 24th. Rosenblatt Securities upped their price target on shares of Atlanta Braves from $69.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Finally, Zacks Research lowered shares of Atlanta Braves from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $64.50.

Atlanta Braves Stock Performance

Shares of BATRK stock opened at $50.28 on Friday. The firm's 50 day moving average price is $50.83 and its two-hundred day moving average price is $46.11. The stock has a market cap of $2.66 billion, a PE ratio of -139.67 and a beta of 0.68. Atlanta Braves Holdings, Inc. has a 52-week low of $37.76 and a 52-week high of $53.25.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The financial services provider reported ($0.63) EPS for the quarter, topping analysts' consensus estimates of ($0.83) by $0.20. The company had revenue of $72.01 million for the quarter, compared to analyst estimates of $64.60 million. As a group, sell-side analysts predict that Atlanta Braves Holdings, Inc. will post -0.06 earnings per share for the current fiscal year.

About Atlanta Braves

The Atlanta Braves Real Estate Ownership Trust NASDAQ: BATRK is a publicly traded real estate investment trust established in 2021 by Liberty Braves Group. The trust's primary purpose is to own and manage a portfolio of sports and entertainment properties related to the Atlanta Braves baseball franchise. BATRK generates stable rental income by leasing its assets to the Braves Baseball Club, LLC, under long-term lease agreements designed to align property performance with franchise needs.

The trust's portfolio is anchored by Truist Park, the 41,084-seat baseball stadium that has served as the Braves' home since 2017.

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