Pinnacle Associates Ltd. Cuts Position in Atlanta Braves Holdings, Inc. (NASDAQ:BATRA)

Pinnacle Associates Ltd. lessened its holdings in Atlanta Braves Holdings, Inc. (NASDAQ:BATRA) by 0.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 37,190 shares of the financial services provider’s stock after selling 350 shares during the quarter. Pinnacle Associates Ltd. owned about 0.06% of Atlanta Braves worth $1,632,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BATRA. Gamco Investors INC. ET AL lifted its stake in shares of Atlanta Braves by 1.0% in the fourth quarter. Gamco Investors INC. ET AL now owns 2,261,191 shares of the financial services provider’s stock worth $92,257,000 after buying an additional 21,955 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Atlanta Braves by 7.7% in the fourth quarter. Renaissance Technologies LLC now owns 284,200 shares of the financial services provider’s stock worth $11,595,000 after buying an additional 20,200 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Atlanta Braves by 0.5% in the fourth quarter. Northern Trust Corp now owns 95,644 shares of the financial services provider’s stock worth $3,902,000 after buying an additional 436 shares in the last quarter. Hudson Value Partners LLC bought a new position in shares of Atlanta Braves in the first quarter worth approximately $3,830,000. Finally, GAMMA Investing LLC lifted its stake in shares of Atlanta Braves by 5,387.2% in the first quarter. GAMMA Investing LLC now owns 52,951 shares of the financial services provider’s stock worth $23,230,000 after buying an additional 51,986 shares in the last quarter. Hedge funds and other institutional investors own 12.31% of the company’s stock.

Analysts Set New Price Targets

Separately, Citigroup began coverage on shares of Atlanta Braves in a research note on Friday, June 13th. They issued a “neutral” rating and a $45.00 target price on the stock.

Insider Activity at Atlanta Braves

In related news, EVP Deretta C. Rhodes sold 5,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $41.20, for a total transaction of $206,000.00. Following the transaction, the executive vice president owned 3,112 shares in the company, valued at $128,214.40. This represents a 61.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Mario J. Gabelli acquired 1,549 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were bought at an average price of $43.45 per share, for a total transaction of $67,304.05. Following the transaction, the insider owned 27,152 shares of the company’s stock, valued at $1,179,754.40. This trade represents a 6.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 217,372 shares of company stock worth $9,451,951 in the last three months. 4.83% of the stock is currently owned by company insiders.

Atlanta Braves Trading Down 1.0%

Shares of NASDAQ BATRA opened at $49.33 on Friday. The firm’s 50 day moving average price is $46.96 and its 200-day moving average price is $44.24. The company has a market cap of $3.05 billion, a PE ratio of -140.94 and a beta of 0.69. Atlanta Braves Holdings, Inc. has a 52-week low of $38.67 and a 52-week high of $50.50. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.78 and a current ratio of 0.78.

Atlanta Braves (NASDAQ:BATRA) last issued its quarterly earnings data on Monday, May 12th. The financial services provider reported ($0.66) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.94) by $0.28. The company had revenue of $47.21 million for the quarter, compared to the consensus estimate of $36.87 million. Atlanta Braves had a negative net margin of 3.18% and a negative return on equity of 4.07%. On average, equities research analysts expect that Atlanta Braves Holdings, Inc. will post -0.98 EPS for the current fiscal year.

Atlanta Braves Company Profile

Atlanta Braves Holdings, Inc owns and operates the Atlanta Braves Major league baseball club. It also operates mixed-use development project, including retail, office, hotel, and entertainment projects. The company was incorporated in 2022 and is based in Englewood, Colorado.