Gamco Investors INC. ET AL Lowers Stake in Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Gamco Investors reduced its stake in Atlanta Braves Holdings by 3.5% in the first quarter, selling 48,962 shares and ending with 1,332,063 shares valued at about $56.9 million.
• Atlanta Braves stock was up 0.6%, opening at $50.28, with a market cap of $2.66 billion and trading near its 50-day and 200-day moving averages.
• The company beat quarterly expectations, reporting a smaller-than-expected loss of $0.63 per share and revenue of $72.01 million versus the $64.60 million estimate; analysts currently rate the stock Hold on average with a $64.50 price target.

Gamco Investors INC. ET AL lowered its holdings in shares of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 3.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,332,063 shares of the financial services provider's stock after selling 48,962 shares during the period. Gamco Investors INC. ET AL owned approximately 2.52% of Atlanta Braves worth $56,879,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Global Trust Asset Management LLC purchased a new position in shares of Atlanta Braves during the first quarter valued at approximately $26,000. EverSource Wealth Advisors LLC boosted its position in shares of Atlanta Braves by 956.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 697 shares of the financial services provider's stock worth $33,000 after purchasing an additional 631 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Atlanta Braves in the 3rd quarter worth approximately $34,000. Fifth Third Bancorp purchased a new stake in shares of Atlanta Braves in the 1st quarter worth approximately $35,000. Finally, Comerica Bank grew 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 worth $41,000 after buying an additional 319 shares during the last quarter. Hedge funds and other institutional investors own 64.88% of the company's stock.

Atlanta Braves Stock Up 0.6%

Shares of BATRK opened at $50.28 on Friday. The company has a market capitalization of $2.66 billion, a P/E ratio of -139.67 and a beta of 0.68. The firm has a 50 day moving average of $50.83 and a 200 day moving average of $46.11. Atlanta Braves Holdings, Inc. has a twelve month low of $37.76 and a twelve month 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) earnings per share for the quarter, topping analysts' consensus estimates of ($0.83) by $0.20. The firm had revenue of $72.01 million during the quarter, compared to analysts' expectations of $64.60 million. On average, sell-side analysts expect that Atlanta Braves Holdings, Inc. will post -0.06 EPS for the current year.

Analysts Set New Price Targets

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

Atlanta Braves Company Profile

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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