Renaissance Technologies LLC Buys 64,799 Shares of Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Renaissance Technologies increased its Atlanta Braves Holdings stake by 27% in the first quarter, buying 64,799 shares to reach 305,041 shares valued at approximately $13.0 million. Institutional investors collectively own 64.88% of BATRK.
• Analyst sentiment is mixed but centers on a “Hold” consensus, with one Buy, two Hold, and one Sell rating and an average price target of $64.50. Morgan Stanley lowered its rating to Equal Weight with a $54 target.
• BATRK shares opened at $50.83, within a 52-week range of $37.76 to $53.25. The company’s latest quarterly results beat expectations, reporting a loss of $0.63 per share versus the estimated $0.83 loss and revenue of $72.01 million.

Renaissance Technologies LLC boosted its stake in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 27.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 305,041 shares of the financial services provider's stock after purchasing an additional 64,799 shares during the quarter. Renaissance Technologies LLC owned about 0.58% of Atlanta Braves worth $13,025,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of BATRK. Capula Management Ltd purchased a new position in Atlanta Braves in the 1st quarter worth approximately $2,504,000. Lido Advisors LLC raised its position in shares of Atlanta Braves by 9.9% during the 1st quarter. Lido Advisors LLC now owns 6,310 shares of the financial services provider's stock valued at $269,000 after buying an additional 570 shares in the last quarter. First Trust Advisors LP raised its position in shares of Atlanta Braves by 30.2% during the 1st quarter. First Trust Advisors LP now owns 32,015 shares of the financial services provider's stock valued at $1,367,000 after buying an additional 7,430 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Atlanta Braves by 22.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,575 shares of the financial services provider's stock worth $153,000 after acquiring an additional 662 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Atlanta Braves by 10.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 935,115 shares of the financial services provider's stock worth $39,927,000 after acquiring an additional 87,538 shares during the last quarter. 64.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Atlanta Braves in a research report on Wednesday, June 24th. Zacks Research downgraded Atlanta Braves from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Morgan Stanley lowered Atlanta Braves from an "overweight" rating to an "equal weight" rating and set a $54.00 price target for the company. in a research note on Wednesday, July 15th. Finally, Wall Street Zen upgraded Atlanta Braves from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Atlanta Braves has a consensus rating of "Hold" and a consensus price target of $64.50.

Atlanta Braves Stock Performance

Shares of BATRK opened at $50.83 on Friday. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of -141.19 and a beta of 0.68. Atlanta Braves Holdings, Inc. has a fifty-two week low of $37.76 and a fifty-two week high of $53.25. The firm has a 50 day moving average price of $50.89 and a 200-day moving average price of $46.50.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The financial services provider reported ($0.63) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.83) by $0.20. The business had revenue of $72.01 million during the quarter, compared to analysts' expectations of $64.60 million. As a group, equities research analysts predict that Atlanta Braves Holdings, Inc. will post -0.06 earnings per share for the current year.

About Atlanta Braves

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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