Atlanta Braves Shares of Stock Plummet on First Day
By David Hill
The Atlanta Braves have not fared well thus far in the 2016 season. That performance on the field is being matched thus far by their stock offering on Nasdaq.
It has only been two weeks into the 2016 season, and the Atlanta Braves have already struggled. At 3-9 heading into today’s slate of action, the Braves may well find themselves already realistically eliminated from the postseason. There has not been a lot to look forward to, aside from the possible debuts of some top prospects later this season.
However, one could understand if the Braves, or at least their ownership and front office, were excited yesterday. Shares of the team were going to be made publicly available on Nasdaq, as team owner Liberty Media had completed negotiations on Friday to exchange their stock into three different stocks, including one that would be listed on the stock exchange.
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Unfortunately, Monday also did not go as hoped. The Liberty Braves Series A shares of common stock started the day at $36.00 per share, and quickly plummeted as rapidly as the Braves own playoff aspirations. The price per share dropped 44.58%, ending the day at $19.95. Series C shares also dropped, opening at $26.00 per share, and ending the day at $19.14.
As these prices drop, Braves fans are seeing the stocks as an interesting way to follow the team in another way. Fans are purchasing these shares to show their allegiance to the team, and other fans are interested in purchasing shares to potentially sell in a few years as the Braves top prospects begin to reach the majors. After all, should the Braves improve, these shares of stock may see a sharp increase in value.
In the past, those people interested in investing in baseball typically purchased baseball cards and other memorabilia, hoping for prices to increase and to be able to turn a profit. Of course, investing in a rookie can be a risky proposition; for every Ken Griffey Jr card that one purchased when they came out, there may be 100 Kevin Maas cards being used as wallpaper or hiding away in a box. Stocks, while risky in their own right, might be a more interesting investment for those investors who would be more risk adverse.
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Shares of stock in the Atlanta Braves may not have fared well on their first day, but as the team improves, better days may be ahead. If nothing else, those shares of stock would certainly make for an interesting way to show one’s fandom and a great conversation piece.