Atlanta Braves Holdings, Inc. $BATRK Shares Sold by HBK Investments L P

Key Points

• HBK Investments L P has reduced its holdings in Atlanta Braves Holdings, Inc. by 42.7%, selling 296,680 shares during the 1st quarter and now owning approximately 0.78% of the company.
• Several institutional investors made notable changes, with Irenic Capital Management LP purchasing approximately $15.8 million in new shares and Broad Bay Capital Management LP increasing its stake by 24.3%.
• Analysts have recently given Atlanta Braves mixed ratings, raising the price target to $69.00 while setting a consensus price target of $57.00 amid a current average rating of "Moderate Buy."

HBK Investments L P trimmed its holdings in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 42.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 398,420 shares of the financial services provider's stock after selling 296,680 shares during the quarter. HBK Investments L P owned approximately 0.78% of Atlanta Braves worth $15,941,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BATRK. T. Rowe Price Investment Management Inc. boosted its position in shares of Atlanta Braves by 8.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,829,000 shares of the financial services provider's stock valued at $73,179,000 after acquiring an additional 138,111 shares during the last quarter. Broad Bay Capital Management LP increased its stake in Atlanta Braves by 24.3% in the first quarter. Broad Bay Capital Management LP now owns 1,732,882 shares of the financial services provider's stock worth $69,333,000 after purchasing an additional 338,655 shares during the period. Gabelli Funds LLC increased its stake in shares of Atlanta Braves by 3.7% during the first quarter. Gabelli Funds LLC now owns 1,473,271 shares of the financial services provider's stock valued at $58,946,000 after buying an additional 52,777 shares during the period. Wellington Management Group LLP increased its stake in shares of Atlanta Braves by 105.9% during the first quarter. Wellington Management Group LLP now owns 1,348,113 shares of the financial services provider's stock valued at $53,938,000 after buying an additional 693,351 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Atlanta Braves by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 817,798 shares of the financial services provider's stock valued at $31,288,000 after buying an additional 40,827 shares during the period. 64.88% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Atlanta Braves Stock Performance

Shares of Atlanta Braves stock traded down $0.60 during trading hours on Friday, hitting $42.36. The company's stock had a trading volume of 373,440 shares, compared to its average volume of 254,278. Atlanta Braves Holdings, Inc. has a twelve month low of $35.46 and a twelve month high of $47.18. The firm has a fifty day moving average of $45.13 and a 200-day moving average of $42.01. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of -121.03 and a beta of 0.67.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last posted its earnings results on Thursday, August 7th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.18). The company had revenue of $312.44 million during the quarter, compared to analysts' expectations of $296.36 million. On average, sell-side analysts expect that Atlanta Braves Holdings, Inc. will post -0.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Atlanta Braves news, EVP Michael P. Plant sold 69,000 shares of the 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 directly owned 205,593 shares of the company's stock, valued at approximately $8,840,499. This trade represents a 25.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Derek Gordon Schiller sold 72,505 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $43.00, for a total value of $3,117,715.00. Following the sale, the executive vice president directly owned 300,233 shares of the company's stock, valued at $12,910,019. The trade was a 19.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 211,605 shares of company stock worth $9,214,527 in the last 90 days. 11.43% of the stock is currently owned by company insiders.

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.