Tensile Capital Management LP Reduces Position in Atlanta Braves Holdings, Inc. $BATRK

Key Points

• Tensile Capital Management LP reduced its stake in Atlanta Braves Holdings by 9.7%, selling 95,000 shares during the first quarter, now holding 883,907 shares, which represents 4.5% of its investment portfolio.
• Institutional investors now own 64.88% of Atlanta Braves stock, with notable recent increases in holdings from firms like Bank of America Corp DE at 34.6% and Price T Rowe Associates at 20.4%.
• Analysts have raised their price target for Atlanta Braves shares, with Rosenblatt Securities increasing it from $52.00 to $69.00 and giving it a "buy" rating, while the stock currently maintains a consensus rating of "Moderate Buy."

Tensile Capital Management LP lowered its position in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 9.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 883,907 shares of the financial services provider's stock after selling 95,000 shares during the period. Atlanta Braves comprises about 4.5% of Tensile Capital Management LP's investment portfolio, making the stock its 11th biggest holding. Tensile Capital Management LP owned 1.72% of Atlanta Braves worth $35,365,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. CWM LLC grew its holdings in shares of Atlanta Braves by 56.4% in the first quarter. CWM LLC now owns 824 shares of the financial services provider's stock worth $33,000 after acquiring an additional 297 shares during the period. Comerica Bank grew its holdings in shares of Atlanta Braves by 44.8% in the first quarter. Comerica Bank now owns 1,031 shares of the financial services provider's stock worth $41,000 after acquiring an additional 319 shares during the period. Summit Securities Group LLC bought a new stake in shares of Atlanta Braves in the first quarter worth $60,000. Versant Capital Management Inc grew its holdings in shares of Atlanta Braves by 335.7% in the first quarter. Versant Capital Management Inc now owns 1,817 shares of the financial services provider's stock worth $73,000 after acquiring an additional 1,400 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Atlanta Braves in the first quarter worth $84,000. Institutional investors own 64.88% of the company's stock.

Insiders Place Their Bets

In other news, EVP Derek Gordon Schiller sold 30,000 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $45.50, for a total transaction of $1,365,000.00. Following the transaction, the executive vice president owned 300,233 shares of the company's stock, valued at approximately $13,660,601.50. This represents a 9.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 70,100 shares of company stock worth $3,129,812 over the last quarter. Insiders own 11.43% of the company's stock.

Atlanta Braves Price Performance

Shares of BATRK stock traded down $0.41 during trading hours on Friday, hitting $42.00. The stock had a trading volume of 72,489 shares, compared to its average volume of 299,139. Atlanta Braves Holdings, Inc. has a one year low of $35.46 and a one year high of $47.18. The stock's 50-day moving average price is $44.78 and its two-hundred day moving average price is $42.07. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -119.99 and a beta of 0.67.

Atlanta Braves (NASDAQ:BATRK - Get Free Report) last issued 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 firm had revenue of $312.44 million during the quarter, compared to analysts' expectations of $296.36 million. As a group, equities research analysts predict that Atlanta Braves Holdings, Inc. will post -0.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on BATRK shares. Wall Street Zen raised Atlanta Braves from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. 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 report on Friday, June 20th. Finally, Citigroup upgraded Atlanta Braves to a "hold" rating and set a $45.00 target price on the stock in a research report on Friday, June 13th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.