Insider Selling: Atlanta Braves (NASDAQ:BATRK) EVP Sells 175,395 Shares of Stock

Key Points

• Atlanta Braves EVP Derek Gordon Schiller sold 175,395 shares at an average price of $53.20, totaling approximately $9.33 million. The Rule 10b5-1 transaction reduced his direct ownership by 35.63% to 316,908 shares.
• BATRK shares fell 1.3% to $52.25, while the company’s latest quarterly results missed expectations, reporting a $0.19 loss per share versus an anticipated $0.31 profit and revenue of $305.12 million versus $319 million expected.
• Analyst sentiment is mixed but leans toward “Hold,” with a consensus price target of $63.50; institutional investors own approximately 64.88% of the company’s stock.

Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Get Free Report) EVP Derek Gordon Schiller sold 175,395 shares of the stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $53.20, for a total value of $9,331,014.00. Following the completion of the transaction, the executive vice president directly owned 316,908 shares of the company's stock, valued at approximately $16,859,505.60. This represents a 35.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Atlanta Braves Trading Down 1.3%

BATRK stock traded down $0.69 during midday trading on Thursday, reaching $52.25. The stock had a trading volume of 569,867 shares, compared to its average volume of 448,615. Atlanta Braves Holdings, Inc. has a 52-week low of $37.76 and a 52-week high of $54.86. The company's fifty day simple moving average is $51.40 and its 200 day simple moving average is $49.56. The company has a market cap of $2.76 billion, a price-to-earnings ratio of -51.73 and a beta of 0.67.

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BATRK shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Atlanta Braves in a research note on Monday, September 21st. Rosenblatt Securities lowered their target price on Atlanta Braves from $75.00 to $73.00 and set a "buy" rating on the stock in a report on Friday, August 7th. 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 report on Wednesday, July 15th. Finally, Wall Street Zen cut Atlanta Braves from a "hold" rating to a "strong sell" rating in a report on Saturday, August 8th. One investment 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, the stock currently has a consensus rating of "Hold" and an average price target of $63.50.

Hedge Funds Weigh In On Atlanta Braves

A number of institutional investors have recently bought and sold shares of BATRK. Sequoia Financial Advisors LLC purchased a new stake in shares of Atlanta Braves in the 2nd quarter valued at approximately $281,000. Engineers Gate Manager LP acquired a new stake in shares of Atlanta Braves during the 2nd quarter worth approximately $1,179,000. Squarepoint Ops LLC purchased a new stake in shares of Atlanta Braves during the 2nd quarter valued at approximately $529,000. Baird Financial Group Inc. acquired a new position in Atlanta Braves in the second quarter valued at approximately $8,459,000. Finally, Arizona State Retirement System lifted its holdings in Atlanta Braves by 2.8% in the second quarter. Arizona State Retirement System now owns 13,123 shares of the financial services provider's stock valued at $681,000 after acquiring an additional 361 shares during the last quarter. 64.88% of the stock is owned by hedge funds and other institutional investors.

About Atlanta Braves

Atlanta Braves Holdings, Inc owns and operates the Atlanta Braves, a Major League Baseball franchise based in Atlanta, Georgia. The organization manages the team's baseball operations, ticket sales, sponsorships, media and broadcasting activities, merchandise, and other commercial initiatives associated with the franchise.

The Braves play their home games at Truist Park in Cobb County, Georgia, which opened in 2017. The adjacent Battery Atlanta is a mixed-use development featuring restaurants, retail, office, hospitality, entertainment, and residential properties.

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