Insider Selling: Atlanta Braves (NASDAQ:BATRK) EVP Sells $4,325,373.07 in Stock

Key Points

• Atlanta Braves EVP Gregory John Heller sold 80,263 shares for approximately $4.33 million at an average price of $53.89, reducing his holdings by 77.92% to 22,741 shares. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan.
• BATRK shares recently traded at $52.25, down 1.3%, while the company’s latest quarterly results missed expectations, reporting a $0.19 loss per share versus the $0.31 consensus estimate and revenue below forecasts.
• Analyst sentiment is mixed but leans toward “Hold,” with an average price target of $63.50; ratings include one Buy, two Holds, and one Sell. Institutional investors own 64.88% of the stock.

Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Get Free Report) EVP Gregory John Heller sold 80,263 shares of the business's stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $53.89, for a total value of $4,325,373.07. Following the completion of the transaction, the executive vice president owned 22,741 shares in the company, valued at $1,225,512.49. The trade was a 77.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Atlanta Braves Trading Down 1.3%

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

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BATRK shares. Wall Street Zen downgraded shares of Atlanta Braves from a "hold" rating to a "strong sell" rating in a report on Saturday, August 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Atlanta Braves in a report on Monday, September 21st. Morgan Stanley lowered shares of Atlanta Braves from an "overweight" rating to an "equal weight" rating and set a $54.00 price objective on the stock. in a research report on Wednesday, July 15th. Finally, Rosenblatt Securities dropped their price objective on Atlanta Braves from $75.00 to $73.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $63.50.

Hedge Funds Weigh In On Atlanta Braves

Large investors have recently modified their holdings of the company. Global Trust Asset Management LLC purchased a new position in Atlanta Braves during the first quarter valued at approximately $26,000. Fifth Third Bancorp purchased a new stake in Atlanta Braves in the 1st quarter worth approximately $35,000. Eurizon Capital SGR S.p.A. bought a new position in Atlanta Braves in the 4th quarter valued at $97,000. PNC Financial Services Group Inc. boosted its holdings in Atlanta Braves by 22.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,575 shares of the financial services provider's stock valued at $153,000 after purchasing an additional 662 shares during the period. Finally, Parallel Advisors LLC grew its position in shares of Atlanta Braves by 46.7% during the 1st quarter. Parallel Advisors LLC now owns 3,824 shares of the financial services provider's stock valued at $163,000 after purchasing an additional 1,217 shares in the last quarter. 64.88% of the stock is currently owned by 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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