Irenic Capital Management LP Makes New $26.21 Million Investment in Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Irenic Capital Management acquired 504,983 shares of Atlanta Braves Holdings, valued at approximately $26.21 million. The position represented 1.3% of its portfolio and 0.96% of BATRK’s outstanding shares.
• Atlanta Braves reported quarterly EPS of -$0.19, missing the $0.31 consensus estimate, while revenue of $305.12 million fell short of the $319 million forecast.
• Analyst sentiment is mixed, with an average “Hold” rating and a $63.50 target price; BATRK recently traded at $50.44, with institutional investors owning 64.88% of the stock.

Irenic Capital Management LP bought a new stake in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 504,983 shares of the financial services provider's stock, valued at approximately $26,209,000. Atlanta Braves comprises 1.3% of Irenic Capital Management LP's investment portfolio, making the stock its 20th biggest position. Irenic Capital Management LP owned 0.96% of Atlanta Braves at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Comerica Bank lifted its holdings in shares of Atlanta Braves by 44.8% during the first quarter. Comerica Bank now owns 1,031 shares of the financial services provider's stock worth $41,000 after purchasing an additional 319 shares during the period. AQR Capital Management LLC purchased a new position in Atlanta Braves in the 1st quarter valued at $382,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Atlanta Braves by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,839 shares of the financial services provider's stock valued at $1,194,000 after buying an additional 1,302 shares during the period. Jones Financial Companies Lllp increased its stake in Atlanta Braves by 12,972.7% in the 1st quarter. Jones Financial Companies Lllp now owns 18,694 shares of the financial services provider's stock valued at $748,000 after buying an additional 18,551 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Atlanta Braves by 8.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 269,383 shares of the financial services provider's stock valued at $10,778,000 after buying an additional 21,883 shares during the period. Institutional investors and hedge funds own 64.88% of the company's stock.

Atlanta Braves Stock Performance

NASDAQ:BATRK opened at $50.44 on Friday. Atlanta Braves Holdings, Inc. has a 1 year low of $37.76 and a 1 year high of $54.46. The stock has a fifty day moving average price of $51.45 and a two-hundred day moving average price of $48.49. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of -49.94 and a beta of 0.67.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last issued its earnings results on Wednesday, August 5th. The financial services provider reported ($0.19) EPS for the quarter, missing the consensus estimate of $0.31 by ($0.50). The business had revenue of $305.12 million for the quarter, compared to the consensus estimate of $319.00 million. On average, analysts predict that Atlanta Braves Holdings, Inc. will post -0.44 EPS for the current year.

Wall Street Analyst Weigh In

BATRK has been the topic of several analyst reports. Rosenblatt Securities lowered their target price on shares of Atlanta Braves from $75.00 to $73.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Atlanta Braves in a report on Wednesday, June 24th. Morgan Stanley downgraded shares of Atlanta Braves from an "overweight" rating to an "equal weight" rating and set a $54.00 price objective for the company. in a research report on Wednesday, July 15th. Finally, Wall Street Zen lowered Atlanta Braves from a "hold" rating to a "strong sell" rating in a report on Saturday, August 8th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Atlanta Braves has an average rating of "Hold" and an average target price of $63.50.

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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