Atlanta Braves (NASDAQ:BATRK) Stock Price Breaks Below Fifty Day Moving Average – Here’s Why

Atlanta Braves Holdings, Inc. (NASDAQ:BATRK)’s share price passed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $51.18 and traded as low as $51.02. Atlanta Braves shares last traded at $51.06, with a volume of 334,774 shares trading hands.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BATRK shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Atlanta Braves in a report on Monday, September 21st. Rosenblatt Securities raised their target price on Atlanta Braves from $73.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday. Wall Street Zen lowered Atlanta Braves from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Zacks Research cut Atlanta Braves from a “hold” rating to a “strong sell” rating in a research report on Friday, November 6th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $72.50.

Atlanta Braves Price Performance

The stock has a market capitalization of $2.70 billion, a PE ratio of -38.39 and a beta of 0.67. The company’s 50 day moving average price is $51.18 and its two-hundred day moving average price is $48.63.

Atlanta Braves (NASDAQ:BATRK) last announced its quarterly earnings data on Wednesday, November 4th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.33). The company had revenue of $324.63 million for the quarter, compared to the consensus estimate of $348.00 million. Analysts forecast that Atlanta Braves Holdings, Inc. will post -0.73 earnings per share for the current year.

Insider Activity at Atlanta Braves

In other news, EVP Derek Schiller sold 175,395 shares of the company’s stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $53.20, for a total value of $9,331,014.00. Following the completion of the sale, the executive vice president directly 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Gregory Heller sold 80,263 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The shares were 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 owned 22,741 shares of the company’s stock, valued at $1,225,512.49. This trade represents a 77.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 11.43% of the company’s stock.

Institutional Trading of Atlanta Braves

Several large investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp purchased a new position in shares of Atlanta Braves during the 1st quarter worth $35,000. Sterling Capital Management LLC grew its holdings in shares of Atlanta Braves by 838.9% in the third quarter. Sterling Capital Management LLC now owns 1,643 shares of the financial services provider’s stock valued at $87,000 after purchasing an additional 1,468 shares during the period. State of Alaska Department of Revenue increased its position in Atlanta Braves by 25.3% during the third quarter. State of Alaska Department of Revenue now owns 2,656 shares of the financial services provider’s stock worth $140,000 after purchasing an additional 537 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Atlanta Braves by 22.7% during the first quarter. PNC Financial Services Group Inc. now owns 3,575 shares of the financial services provider’s stock worth $153,000 after purchasing an additional 662 shares during the last quarter. Finally, Virtus Advisers LLC raised its stake in Atlanta Braves by 16.8% during the third quarter. Virtus Advisers LLC now owns 2,955 shares of the financial services provider’s stock worth $156,000 after purchasing an additional 424 shares during the period. 64.88% of the stock is currently owned by hedge funds and other institutional investors.

About Atlanta Braves

Atlanta Braves Holdings, Inc. owns and operates the Atlanta Braves, a professional baseball team in Major League Baseball’s National League. The organization generates business through its baseball operations and related activities, including ticket sales, sponsorships, broadcasting, concessions and merchandise. The Braves trace their history to the Boston Red Stockings, established in 1871, and are recognized as one of Major League Baseball’s oldest continuously operating franchises. The team moved to Milwaukee in 1953 and to Atlanta in 1966.