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

Sinclair, Inc. (NASDAQ:SBGI)’s share price traded up 7.3% on Monday . The stock traded as high as $14.98 and last traded at $14.6950. 84,488 shares traded hands 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

SBGI has been the topic of several research analyst reports. Zacks Research raised Sinclair from a “strong sell” rating to a “hold” rating in a report on Thursday, November 13th. Guggenheim increased their target price on Sinclair from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Weiss Ratings reissued a “hold (c-)” rating on shares of Sinclair in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Sinclair from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $19.00.

Sinclair Price Performance

The stock’s fifty day moving average price is $15.11 and its 200-day moving average price is $14.62. The firm has a market cap of $1.05 billion, a PE ratio of -24.32 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 Transactions at Sinclair

In other Sinclair news, EVP David B. Gibber sold 29,376 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $16.67, for a total value of $489,697.92. Following the completion of the sale, the executive vice president directly owned 165,272 shares of the company’s stock, valued at $2,755,084.24. This trade represents a 15.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Benson E. Legg sold 6,548 shares of Sinclair stock in a transaction on Friday, December 19th. The stock was sold at an average price of $15.81, for a total value of $103,523.88. Following the transaction, the director owned 71,165 shares in the company, valued at approximately $1,125,118.65. This represents a 8.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 50,637 shares of company stock worth $815,535 in the last ninety days. Insiders own 46.60% of the company’s stock.

Hedge Funds Weigh In On Sinclair

A number of institutional investors have recently bought and sold shares of SBGI. Geneos Wealth Management Inc. grew its stake in shares of Sinclair by 142.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,815 shares of the company’s stock valued at $25,000 after buying an additional 1,065 shares during the period. Hilton Head Capital Partners LLC acquired a new position in Sinclair in the fourth quarter valued at approximately $32,000. Tower Research Capital LLC TRC lifted its holdings in Sinclair by 175.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,954 shares of the company’s stock valued at $41,000 after acquiring an additional 1,882 shares during the last quarter. Aquatic Capital Management LLC purchased a new position in Sinclair in the third quarter worth approximately $48,000. Finally, Raymond James Financial Inc. acquired a new stake in Sinclair during the second quarter worth $54,000. 41.71% of the stock is owned by hedge funds and other institutional investors.

About Sinclair

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.