Atlanta Braves (NASDAQ:BATRK) Announces Quarterly Earnings Results

Atlanta Braves (NASDAQ:BATRK) released its earnings results on Wednesday. The financial services provider reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.38, Zacks reports. The business had revenue of $61.30 million during the quarter, compared to analyst estimates of $54.93 million.

Atlanta Braves Stock Up 2.1%

BATRK stock opened at $44.02 on Thursday. The company has a market capitalization of $2.27 billion, a PE ratio of -1,099.48 and a beta of 0.61. The stock’s 50 day moving average is $40.40 and its two-hundred day moving average is $40.72. Atlanta Braves has a 52-week low of $35.46 and a 52-week high of $47.18.

Insider Activity

In related news, major shareholder John C. Malone purchased 35,000 shares of Atlanta Braves stock in a transaction dated Thursday, February 5th. The shares were acquired at an average price of $44.23 per share, with a total value of $1,548,050.00. Following the completion of the transaction, the insider owned 521,862 shares of the company’s stock, valued at approximately $23,081,956.26. This trade represents a 7.19% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 11.43% of the company’s stock.

Institutional Investors Weigh In On Atlanta Braves

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BATRK. EverSource Wealth Advisors LLC lifted its position in Atlanta Braves by 956.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 697 shares of the financial services provider’s stock worth $33,000 after buying an additional 631 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Atlanta Braves in the third quarter worth $34,000. Comerica Bank increased its position in Atlanta Braves by 44.8% during 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. Kestra Advisory Services LLC acquired a new position in Atlanta Braves during the 4th quarter valued at $51,000. Finally, Brown Brothers Harriman & Co. grew its position in Atlanta Braves by 72.6% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,426 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 600 shares during the last quarter. Institutional investors own 64.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BATRK. Rosenblatt Securities reaffirmed a “buy” rating and set a $69.00 price target on shares of Atlanta Braves in a research report on Thursday. Wall Street Zen raised shares of Atlanta Braves from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Atlanta Braves in a research report on Monday, December 29th. Finally, Zacks Research downgraded Atlanta Braves from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $57.00.

About Atlanta Braves

The Atlanta Braves Real Estate Ownership Trust (NASDAQ:BATRK) is a publicly traded real estate investment trust established in 2021 by Liberty Braves Group. The trust’s primary purpose is to own and manage a portfolio of sports and entertainment properties related to the Atlanta Braves baseball franchise. BATRK generates stable rental income by leasing its assets to the Braves Baseball Club, LLC, under long-term lease agreements designed to align property performance with franchise needs.

The trust’s portfolio is anchored by Truist Park, the 41,084-seat baseball stadium that has served as the Braves’ home since 2017.