Irenic Capital Management LP Acquires Shares of 394,760 Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Irenic Capital Management LP invested approximately $15.79 million in Atlanta Braves Holdings, acquiring 394,760 shares, making it the firm's 15th largest position.
• Insider sales have been notable, with executives Derek Gordon Schiller and Michael P. Plant selling a combined 99,000 shares for over $4.3 million, decreasing their ownership significantly.
• The company's stock performance shows a trading range between $35.46 and $47.18 over the past year, with recent earnings reporting an EPS of $0.46, below market expectations.

Irenic Capital Management LP acquired a new position in shares of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 394,760 shares of the financial services provider's stock, valued at approximately $15,794,000. Atlanta Braves accounts for 2.4% of Irenic Capital Management LP's holdings, making the stock its 15th biggest holding. Irenic Capital Management LP owned 0.77% of Atlanta Braves as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. CWM LLC raised its stake in Atlanta Braves by 56.4% during the 1st quarter. CWM LLC now owns 824 shares of the financial services provider's stock worth $33,000 after buying an additional 297 shares during the period. Comerica Bank raised its stake in Atlanta Braves by 44.8% during 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 period. Summit Securities Group LLC acquired a new stake in Atlanta Braves during the 1st quarter worth $60,000. Versant Capital Management Inc raised its stake in 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 worth $73,000 after buying an additional 1,400 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Atlanta Braves during the 1st quarter worth $84,000. Institutional investors and hedge funds own 64.88% of the company's stock.

Atlanta Braves Stock Performance

Atlanta Braves stock traded down $0.60 during midday trading on Friday, reaching $42.36. 373,440 shares of the company's stock were exchanged, compared to its average volume of 254,278. The stock's 50-day simple moving average is $45.13 and its 200 day simple moving average is $42.01. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of -121.03 and a beta of 0.67. Atlanta Braves Holdings, Inc. has a 52 week low of $35.46 and a 52 week high of $47.18.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $312.44 million for the quarter, compared to analysts' expectations of $296.36 million. Research analysts forecast that Atlanta Braves Holdings, Inc. will post -0.89 earnings per share for the current year.

Insider Activity at Atlanta Braves

In other Atlanta Braves news, EVP Michael P. Plant sold 69,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were 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 in the company, 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 at this hyperlink. Also, EVP Derek Gordon Schiller sold 30,000 shares of Atlanta Braves stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $45.50, for a total transaction of $1,365,000.00. Following the completion of the sale, the executive vice president owned 300,233 shares of the company's stock, valued at approximately $13,660,601.50. The trade was a 9.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 211,605 shares of company stock valued at $9,214,527 over the last 90 days. Company insiders own 11.43% of the company's stock.

Wall Street Analysts Forecast Growth

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

About Atlanta Braves

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.