Atlanta Braves (NASDAQ:BATRK) Announces Quarterly Earnings Results, Misses Estimates By $0.33 EPS

Atlanta Braves (NASDAQ:BATRK) posted its quarterly earnings data on Wednesday. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.33), Zacks reports. The business had revenue of $324.63 million during the quarter, compared to analysts’ expectations of $348.00 million.

Atlanta Braves Stock Down 1.6%

Shares of Atlanta Braves stock traded down $0.82 during trading on Thursday, reaching $49.91. 75,493 shares of the company were exchanged, compared to its average volume of 453,266. The business has a 50-day moving average price of $51.06 and a 200-day moving average price of $48.21. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of -49.51 and a beta of 0.67. Atlanta Braves has a twelve month low of $37.76 and a twelve month high of $54.86.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Morgan Stanley cut Atlanta Braves from an “overweight” rating to an “equal weight” rating and set a $54.00 target price for the company. in a research note on Wednesday, July 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Atlanta Braves in a report on Monday, September 21st. Rosenblatt Securities decreased their price target on Atlanta Braves from $75.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Finally, Wall Street Zen lowered Atlanta Braves from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 8th. 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 stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $63.50.

Insider Activity

In other news, EVP Gregory Heller sold 80,263 shares of the company’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $53.89, for a total value of $4,325,373.07. Following the completion of the sale, the executive vice president directly owned 22,741 shares of the company’s stock, valued at $1,225,512.49. This represents a 77.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Derek Schiller sold 175,395 shares of the stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $53.20, for a total transaction of $9,331,014.00. Following the completion of the sale, the executive vice president owned 316,908 shares in the company, valued at $16,859,505.60. This represents a 35.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 11.43% of the company’s stock.

About Atlanta Braves

Atlanta Braves Holdings, Inc owns and operates the Atlanta Braves, a Major League Baseball franchise based in Atlanta, Georgia. The organization generates revenue through professional baseball operations, including ticket sales, sponsorships, broadcasting and media rights, licensing, concessions, premium seating and hospitality.

The Braves play their home games at Truist Park, which opened in 2017 in Cobb County, northwest of downtown Atlanta. The surrounding Battery Atlanta development provides additional dining, retail, entertainment, office and residential offerings, as well as event and hospitality services, supporting the company’s broader sports and mixed-use real estate activities.

The franchise traces its history to 1871 and has operated in Atlanta since 1966, following earlier periods in Boston and Milwaukee.