Atlanta Braves (NASDAQ:BATRK) Hits New 12-Month High - Here's What Happened

Key Points

• Atlanta Braves shares reached a new 52-week high of $54.86, with the stock last trading near $54.59 and above its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but leans “Hold,” with a consensus price target of $63.50. Recent actions included a lower target from Rosenblatt Securities, a downgrade from Morgan Stanley, and sell ratings from Wall Street Zen and Weiss Ratings.
• The company missed quarterly expectations, reporting a loss of $0.19 per share versus the anticipated $0.31 and revenue of $305.12 million versus estimates of $319 million. Institutional investors own 64.88% of shares, with several major funds increasing their holdings.

Shares of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK - Get Free Report) reached a new 52-week high during trading on Monday. The stock traded as high as $54.86 and last traded at $54.5850, with a volume of 22393 shares trading hands. The stock had previously closed at $54.26.

Analyst Ratings Changes

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

Atlanta Braves Stock Performance

The firm's fifty day moving average is $51.21 and its 200-day moving average is $49.33. The company has a market capitalization of $2.87 billion, a P/E ratio of -53.82 and a beta of 0.67.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Troluce Capital Advisors LLC increased its holdings in Atlanta Braves by 274.9% in the 1st quarter. Troluce Capital Advisors LLC now owns 2,000,000 shares of the financial services provider's stock worth $85,400,000 after purchasing an additional 1,466,584 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Atlanta Braves by 10.3% in the first quarter. Dimensional Fund Advisors LP now owns 935,115 shares of the financial services provider's stock valued at $39,927,000 after purchasing an additional 87,538 shares during the last quarter. Southpoint Capital Advisors LP boosted its stake in shares of Atlanta Braves by 28.6% during the first quarter. Southpoint Capital Advisors LP now owns 900,000 shares of the financial services provider's stock valued at $38,430,000 after purchasing an additional 200,000 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Atlanta Braves by 13.2% during the first quarter. Janus Henderson Group PLC now owns 834,765 shares of the financial services provider's stock valued at $35,645,000 after purchasing an additional 97,443 shares in the last quarter. Finally, Breach Inlet Capital Management LLC boosted its stake in shares of Atlanta Braves by 11.7% during the fourth quarter. Breach Inlet Capital Management LLC now owns 766,361 shares of the financial services provider's stock valued at $30,233,000 after purchasing an additional 80,488 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 company's principal business activities include professional baseball operations, ticket sales, premium seating, sponsorships, broadcasting and media rights, concessions, retail merchandise, and other fan-related services.

The company also owns and operates The Battery Atlanta, a mixed-use development adjacent to Truist Park. The Battery Atlanta includes restaurants, retail stores, office space, residential properties, entertainment venues, hotels and event facilities, providing additional revenue opportunities beyond baseball.

The Braves franchise traces its history to 1871 and has previously been based in Boston and Milwaukee before relocating to Atlanta in 1966.

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