Sinclair (NASDAQ:SBGI) Trading 7.3% Higher – Here’s Why

Sinclair, Inc. (NASDAQ:SBGI)’s stock price shot up 7.3% during mid-day trading on Monday . The company traded as high as $14.98 and last traded at $14.6950. 84,488 shares were traded during mid-day trading, a decline of 74% from the average session volume of 327,106 shares. The stock had previously closed at $13.69.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SBGI. Wall Street Zen raised Sinclair from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings restated a “hold (c-)” rating on shares of Sinclair in a research report on Monday, December 29th. Zacks Research upgraded Sinclair from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 13th. Finally, Guggenheim raised their price target on shares of Sinclair from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Sinclair presently has a consensus rating of “Hold” and a consensus price target of $19.00.

Sinclair Stock Up 6.8%

The firm has a 50-day simple moving average of $15.12 and a 200 day simple moving average of $14.61. The stock has a market capitalization of $1.02 billion, a P/E ratio of -23.58 and a beta of 0.96. The company has a debt-to-equity ratio of 14.77, a current ratio of 2.01 and a quick ratio of 2.01.

Insider Buying and Selling

In other Sinclair news, EVP David B. Gibber sold 29,376 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $16.67, for a total transaction of $489,697.92. Following the sale, the executive vice president directly owned 165,272 shares of the company’s stock, valued at $2,755,084.24. The trade was a 15.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Benson E. Legg sold 6,548 shares of the firm’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $15.81, for a total transaction of $103,523.88. Following the transaction, the director directly owned 71,165 shares of the company’s stock, valued at $1,125,118.65. The trade was a 8.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 50,637 shares of company stock worth $815,535 in the last ninety days. Company insiders own 46.60% of the company’s stock.

Institutional Investors Weigh In On Sinclair

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. lifted its stake in shares of Sinclair by 142.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company’s stock worth $25,000 after acquiring an additional 1,065 shares during the period. Tower Research Capital LLC TRC raised its holdings in Sinclair by 175.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,954 shares of the company’s stock worth $41,000 after purchasing an additional 1,882 shares during the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Sinclair in the 3rd quarter worth approximately $48,000. Raymond James Financial Inc. bought a new stake in shares of Sinclair in the 2nd quarter valued at $54,000. Finally, Ameritas Investment Partners Inc. increased its position in shares of Sinclair by 26.2% during the second quarter. Ameritas Investment Partners Inc. now owns 3,945 shares of the company’s stock worth $55,000 after buying an additional 820 shares during the period. Institutional investors and hedge funds own 41.71% of the company’s stock.

Sinclair Company Profile

Sinclair Broadcast Group, Inc (NASDAQ: SBGI) is a media and entertainment company headquartered in Hunt Valley, Maryland. Founded in 1971 as a single UHF television station operator, Sinclair has grown through strategic acquisitions and organic expansion to become one of the largest owners of local television stations in the United States. Over its history, the company has pursued a diversified portfolio that includes both traditional broadcast assets and newer digital platforms.

At its core, Sinclair operates over 190 television stations affiliated with the major national broadcast networks, including ABC, CBS, NBC, Fox, The CW and MyNetworkTV.