Hawk Ridge Capital Management LP Sells 423,729 Shares of Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Hawk Ridge Capital Management reduced its Atlanta Braves Holdings stake by 15.9%, selling 423,729 shares in the first quarter. It still held 2.24 million shares worth approximately $95.6 million, representing 4.23% of BATRK.
• Several other institutional investors increased their positions, including Troluce Capital Advisors, which boosted its holdings by 274.9%. Institutional investors collectively own 64.88% of the stock.
• BATRK traded near $50.74, while analysts gave it a consensus “Hold” rating and an average price target of $64.50. The company exceeded quarterly earnings and revenue expectations, reporting a loss of $0.63 per share on $72.01 million in revenue.

Hawk Ridge Capital Management LP cut its holdings in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 15.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,237,700 shares of the financial services provider's stock after selling 423,729 shares during the quarter. Atlanta Braves comprises 3.5% of Hawk Ridge Capital Management LP's holdings, making the stock its 11th biggest position. Hawk Ridge Capital Management LP owned approximately 4.23% of Atlanta Braves worth $95,550,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Quantinno Capital Management LP raised its holdings in Atlanta Braves by 20.8% during the 1st quarter. Quantinno Capital Management LP now owns 42,924 shares of the financial services provider's stock worth $1,833,000 after buying an additional 7,380 shares during the period. Southpoint Capital Advisors LP lifted its stake 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 valued at $38,430,000 after buying an additional 200,000 shares in the last quarter. Troluce Capital Advisors LLC boosted its holdings in shares of Atlanta Braves by 274.9% in the first 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. Entropy Technologies LP boosted its holdings in shares of Atlanta Braves by 17.3% in the first quarter. Entropy Technologies LP now owns 6,126 shares of the financial services provider's stock valued at $262,000 after buying an additional 905 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Atlanta Braves by 27.0% during the first quarter. Renaissance Technologies LLC now owns 305,041 shares of the financial services provider's stock worth $13,025,000 after acquiring an additional 64,799 shares in the last quarter. 64.88% of the stock is owned by institutional investors.

Atlanta Braves Stock Up 0.9%

NASDAQ BATRK opened at $50.74 on Tuesday. The firm's 50 day moving average is $50.82 and its 200-day moving average is $46.24. The company has a market capitalization of $2.68 billion, a PE ratio of -140.94 and a beta of 0.68. Atlanta Braves Holdings, Inc. has a 12-month low of $37.76 and a 12-month high of $53.25.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last announced its earnings results on Monday, May 11th. The financial services provider reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.83) by $0.20. The business had revenue of $72.01 million for the quarter, compared to analyst estimates of $64.60 million. As a group, 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 equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of Atlanta Braves from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Atlanta Braves in a report on Wednesday, June 24th. Morgan Stanley downgraded Atlanta Braves from an "overweight" rating to an "equal weight" rating and set a $54.00 price target on the stock. in a research note on Wednesday, July 15th. Rosenblatt Securities boosted their price target on Atlanta Braves from $69.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Finally, Zacks Research cut Atlanta Braves from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently 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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