Tensile Capital Management LP Cuts 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 reduced its holdings in Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Free Report) by 9.7% in the 1st quarter, according to its most recent 13F filing 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 quarter. Atlanta Braves comprises 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 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Wellington Management Group LLP grew its position in 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 worth $53,938,000 after buying an additional 693,351 shares during the period. Irenic Capital Management LP purchased a new stake in shares of Atlanta Braves during the 1st quarter worth approximately $15,794,000. Broad Bay Capital Management LP grew its holdings in shares of Atlanta Braves by 24.3% in the 1st quarter. Broad Bay Capital Management LP now owns 1,732,882 shares of the financial services provider's stock worth $69,333,000 after acquiring an additional 338,655 shares during the period. SG Americas Securities LLC purchased a new position in Atlanta Braves in the 1st quarter valued at approximately $12,077,000. Finally, Troluce Capital Advisors LLC acquired a new position in Atlanta Braves during the fourth quarter worth $10,751,000. Hedge funds and other institutional investors own 64.88% of the company's stock.

Atlanta Braves Trading Up 1.4%

Shares of NASDAQ BATRK traded up $0.60 during midday trading on Thursday, reaching $42.40. 289,223 shares of the stock were exchanged, compared to its average volume of 299,905. The stock has a 50 day moving average price of $44.87 and a 200-day moving average price of $42.05. The company has a market capitalization of $2.66 billion, a P/E ratio of -121.14 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 announced 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 company had revenue of $312.44 million for the quarter, compared to analyst estimates of $296.36 million. On average, analysts forecast that Atlanta Braves Holdings, Inc. will post -0.89 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on BATRK. Citigroup upgraded shares of Atlanta Braves to a "hold" rating and set a $45.00 price objective on the stock in a research report on Friday, June 13th. Wall Street Zen raised shares of Atlanta Braves from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Rosenblatt Securities increased their price target on shares of Atlanta Braves from $52.00 to $69.00 and gave the company a "buy" rating in a research report on Friday, June 20th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $57.00.

Insider Buying and Selling at Atlanta Braves

In other news, EVP Derek Gordon Schiller sold 40,000 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $44.00, for a total transaction of $1,760,000.00. Following the sale, the executive vice president owned 300,233 shares in the company, valued at $13,210,252. This trade represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 70,100 shares of company stock worth $3,129,812. Corporate insiders own 11.43% of the company's stock.

Atlanta Braves 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.