The price of publicly traded shares of stock in the Braves rose sharply after the release of encouraging data Monday about a potential coronavirus vaccine.
Braves stock soared 16.1% to a closing price of $24.83 for the most commonly traded Series C shares (ticker symbol BATRK) on Monday. It retreated a bit Tuesday, declining 1.45% to $24.47.
The stock had traded at almost $30 per share early this year, but dropped as low as $13.20 shortly after the COVID-19 pandemic shut down Major League Baseball in March.
The Braves, like other MLB teams, have seen dramatic declines in revenue this year as the regular-season schedule was cut from 162 games to 60 and played without fans in attendance.
Through the first nine months of the year, the Braves’ revenue was down a total of $299 million from the same point last year. The team’s revenue plummeted 95% in the April-through-June quarter, from $208 million to $11 million, and fell 48% in the July-through-September quarter, from $212 million to $110 million.
MLB teams are uncertain what next season will bring in terms of attendance and revenue, especially until there is a widely available vaccine for the virus. Monday’s news from drug makers Pfizer and BioNTech that early data from a vaccine clinical trial suggests the shots may be 90% effective in preventing COVID-19 raised hopes among investors that fans might return to stadiums next year.
The Braves are one of the few U.S. sports franchises with publicly traded shares. Stock in Madison Square Garden Sports, which owns the New York Knicks and New York Rangers, rose 11% on Monday and another 2.4% on Tuesday.
Braves owner Liberty Media issued a tracking stock in 2016 that enables investors to buy and sell shares tied to the team separately from the rest of the Colorado-based company.
