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

Zacks Research lowered shares of Atlanta Braves (NASDAQ:BATRK) from a strong-buy rating to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

BATRK has been the topic of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Atlanta Braves in a research report on Monday, December 29th. Wall Street Zen raised shares of Atlanta Braves from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $69.00 price target on shares of Atlanta Braves in a research note on Tuesday, December 2nd. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $57.00.

Atlanta Braves Trading Down 1.1%

Shares of NASDAQ BATRK opened at $39.32 on Tuesday. The stock has a market cap of $2.03 billion, a PE ratio of -982.75 and a beta of 0.61. Atlanta Braves has a 12-month low of $35.46 and a 12-month high of $47.18. The company has a 50-day moving average of $39.59 and a 200 day moving average of $41.04.

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

Insider Buying and Selling

In other Atlanta Braves news, major shareholder John C. Malone purchased 28,567 shares of the company’s stock in a transaction on Monday, November 17th. The stock was acquired at an average price of $41.97 per share, for a total transaction of $1,198,956.99. Following the completion of the purchase, the insider directly owned 479,972 shares in the company, valued at approximately $20,144,424.84. The trade was a 6.33% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have purchased 66,396 shares of company stock valued at $2,786,825. Company insiders own 11.43% of the company’s stock.

Institutional Investors Weigh In On Atlanta Braves

A number of hedge funds and other institutional investors have recently modified their holdings of BATRK. Quent Capital LLC acquired a new position in shares of Atlanta Braves during the third quarter worth $28,000. EverSource Wealth Advisors LLC boosted its position in shares of Atlanta Braves by 956.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 697 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 631 shares in the last quarter. First Horizon Corp purchased a new position in shares of Atlanta Braves in the 3rd quarter valued at about $30,000. Farther Finance Advisors LLC raised its position in shares of Atlanta Braves by 701.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 761 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 666 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in Atlanta Braves by 218.3% during the third quarter. Jones Financial Companies Lllp now owns 799 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 548 shares during the last quarter. 64.88% of the stock is currently owned by institutional investors and hedge funds.

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.