Atlanta Braves Holdings, Inc. $BATRK is Hawk Ridge Capital Management LP's 6th Largest Position

Key Points

• Hawk Ridge Capital Management LP reduced its stake in Atlanta Braves Holdings by 7.8%, holding approximately 2.4 million shares valued at $96.39 million, which comprises 4.6% of its total holdings.
• Several other institutional investors have also adjusted their positions in Atlanta Braves, with Russell Investments Group Ltd. increasing its stake by 76% amid a broader trend of hedge funds buying and selling shares.
• Analysts have raised their ratings for Atlanta Braves, with one brokerage increasing the price target from $52.00 to $69.00 and the stock currently holding a consensus rating of "Moderate Buy."

Hawk Ridge Capital Management LP lessened its holdings in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 7.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,409,122 shares of the financial services provider's stock after selling 202,500 shares during the quarter. Atlanta Braves accounts for about 4.6% of Hawk Ridge Capital Management LP's holdings, making the stock its 6th biggest position. Hawk Ridge Capital Management LP owned approximately 4.70% of Atlanta Braves worth $96,389,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in Atlanta Braves by 56.4% in the 1st quarter. CWM LLC now owns 824 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 297 shares in the last quarter. Comerica Bank lifted its position in shares of Atlanta Braves by 44.8% during the 1st quarter. Comerica Bank now owns 1,031 shares of the financial services provider's stock valued at $41,000 after acquiring an additional 319 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Atlanta Braves during the 1st quarter valued at approximately $60,000. Versant Capital Management Inc lifted its position in shares of Atlanta Braves by 335.7% during the 1st quarter. Versant Capital Management Inc now owns 1,817 shares of the financial services provider's stock valued at $73,000 after acquiring an additional 1,400 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Atlanta Braves during the 1st quarter valued at approximately $84,000. Hedge funds and other institutional investors own 64.88% of the company's stock.

Insider Activity

In related news, EVP Michael P. Plant sold 69,000 shares of Atlanta Braves stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $43.00, for a total value of $2,967,000.00. Following the transaction, the executive vice president directly owned 205,593 shares of the company's stock, valued at $8,840,499. This trade represents a 25.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Derek Gordon Schiller sold 30,000 shares of Atlanta Braves stock in a transaction on Friday, June 20th. The stock was sold at an average price of $45.50, for a total transaction of $1,365,000.00. Following the transaction, the executive vice president owned 300,233 shares in the company, valued at approximately $13,660,601.50. This trade represents a 9.08% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,605 shares of company stock worth $9,214,527.

Atlanta Braves Stock Performance

Shares of BATRK traded down $0.33 during trading hours on Tuesday, hitting $42.04. The stock had a trading volume of 204,317 shares, compared to its average volume of 299,064. The firm has a market cap of $2.64 billion, a P/E ratio of -120.14 and a beta of 0.67. The company's fifty day simple moving average is $45.04 and its 200 day simple moving average is $42.05. 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 posted its quarterly earnings results on Thursday, August 7th. The financial services provider reported $0.46 EPS for the quarter, missing analysts' consensus estimates of $0.64 by ($0.18). The company had revenue of $312.44 million during the quarter, compared to analyst estimates of $296.36 million. As a group, sell-side analysts predict that Atlanta Braves Holdings, Inc. will post -0.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.