Rhodes DeRetta C., the Executive Vice President and Chief Culture Officer of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK), a $2.5 billion market cap company currently trading at $39.39, recently sold shares of the company's Series C Common Stock. According to InvestingPro analysis, the stock generally trades with low price volatility, with a beta of 0.93. According to a recent SEC filing, DeRetta sold 2,528 shares on December 12, 2024, at an average price of $39.93 per share, totaling approximately $100,943. This transaction was executed to cover tax withholding obligations related to the vesting and settlement of restricted stock units. Following this sale, DeRetta holds 3,879 shares directly.
Additionally, DeRetta acquired 5,640 shares on December 11, 2024, through the conversion of restricted stock units, which do not involve any cash transaction.
In other recent news, Rosenblatt Securities has adjusted its stock price target for Liberty Braves Group, reducing it to $52.00 from the previous $52.00, while maintaining a Buy rating on the stock. This revision follows a lower-than-expected Operating Income Before Depreciation and Amortization (OIBDA) reported by Atlanta Braves Holdings, a part of Liberty Braves Group, for the third quarter of 2024. The shortfall was primarily due to increased baseball costs, especially player salaries, which have outpaced revenue growth.
Despite this, Rosenblatt Securities remains optimistic about the long-term value of the sports team, which is typically influenced more by long-term success than immediate operating cash flow. The firm believes that the Atlanta Braves are likely to be acquired by a private ownership group in the future, similar to other Major League Baseball (MLB) teams.
These recent developments in the stock price target reflect minor shifts in expectations, but the fundamentals of Liberty Braves Group's value proposition, according to Rosenblatt Securities, remain intact. The firm emphasizes the importance of long-term value drivers over short-term financial metrics in the valuation of sports-related stocks.
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