Atlanta Braves (NASDAQ:BATRK) Cut to Hold at Zacks Research

Atlanta Braves (NASDAQ:BATRK) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other research analysts have also recently weighed in on BATRK. Wall Street Zen upgraded shares of Atlanta Braves from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Atlanta Braves in a report on Monday, December 29th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $69.00 price objective on shares of Atlanta Braves in a research report on Tuesday, December 2nd. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Atlanta Braves has a consensus rating of “Hold” and a consensus target price of $57.00.

Atlanta Braves Trading Up 0.4%

NASDAQ BATRK opened at $39.76 on Tuesday. Atlanta Braves has a 12 month low of $35.46 and a 12 month high of $47.18. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -993.75 and a beta of 0.61. The company’s 50 day moving average is $39.59 and its two-hundred day moving average is $41.06.

Atlanta Braves (NASDAQ:BATRK) last posted its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.23. The firm had revenue of $311.54 million during the quarter, compared to the consensus estimate of $309.06 million. Sell-side analysts forecast that Atlanta Braves will post -0.89 EPS for the current year.

Insider Transactions at Atlanta Braves

In related news, major shareholder John C. Malone purchased 4,631 shares of Atlanta Braves stock in a transaction on Tuesday, November 18th. The shares were bought at an average cost of $41.99 per share, for a total transaction of $194,455.69. Following the acquisition, the insider owned 484,603 shares in the company, valued at approximately $20,348,479.97. The trade was a 0.96% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders have acquired 66,396 shares of company stock valued at $2,786,825. Insiders own 11.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BATRK. Dendur Capital LP purchased a new position in shares of Atlanta Braves in the second quarter valued at $20,111,000. Qube Research & Technologies Ltd lifted its position in Atlanta Braves by 504.1% during the third quarter. Qube Research & Technologies Ltd now owns 436,158 shares of the financial services provider’s stock valued at $18,140,000 after purchasing an additional 363,953 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Atlanta Braves by 12.8% in the 4th quarter. Vanguard Group Inc. now owns 2,789,084 shares of the financial services provider’s stock worth $110,029,000 after buying an additional 317,065 shares in the last quarter. Invesco Ltd. grew its stake in shares of Atlanta Braves by 406.3% in the 3rd quarter. Invesco Ltd. now owns 261,754 shares of the financial services provider’s stock worth $10,886,000 after buying an additional 210,051 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Atlanta Braves by 68.1% in the 3rd quarter. Millennium Management LLC now owns 494,905 shares of the financial services provider’s stock worth $20,583,000 after buying an additional 200,555 shares during the last quarter. Hedge funds and other institutional investors own 64.88% of the company’s stock.

Atlanta Braves Company Profile

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.