Sinclair (NASDAQ:SBGI) Stock Crosses Above 50-Day Moving Average – Here’s What Happened

Sinclair, Inc. (NASDAQ:SBGI) crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $13.17 and traded as high as $13.71. Sinclair shares last traded at $13.47, with a volume of 689,210 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on SBGI shares. Wall Street Zen downgraded Sinclair from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research upgraded Sinclair from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 8th. Weiss Ratings cut Sinclair from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Finally, JPMorgan Chase & Co. upped their target price on Sinclair from $14.00 to $15.00 and gave the stock an “underweight” rating in a research note on Friday, August 21st. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $19.40.

Sinclair Trading Up 3.9%

The firm has a market cap of $974.15 million, a PE ratio of 17.96 and a beta of 1.24. The company has a 50-day simple moving average of $13.17 and a 200 day simple moving average of $14.06. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 13.28.

Sinclair (NASDAQ:SBGI) last posted its earnings results on Wednesday, August 5th. The company reported ($1.06) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.82). Sinclair had a net margin of 1.60% and a negative return on equity of 16.09%. The firm had revenue of $840.00 million for the quarter, compared to analysts’ expectations of $838.99 million. During the same period last year, the firm earned ($0.91) earnings per share. Sinclair’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Sinclair, Inc. will post 1.01 earnings per share for the current fiscal year.

Insider Transactions at Sinclair

In related news, EVP David Gibber sold 29,246 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $13.74, for a total transaction of $401,840.04. Following the sale, the executive vice president owned 184,244 shares in the company, valued at approximately $2,531,512.56. This trade represents a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 42.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SBGI. Converium Capital Inc. increased its stake in shares of Sinclair by 15.8% in the 1st quarter. Converium Capital Inc. now owns 1,062,452 shares of the company’s stock valued at $13,748,000 after purchasing an additional 144,674 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Sinclair by 7.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,622,794 shares of the company’s stock worth $21,001,000 after purchasing an additional 113,788 shares during the period. Bank of America Corp DE raised its holdings in Sinclair by 82.6% in the 1st quarter. Bank of America Corp DE now owns 86,137 shares of the company’s stock worth $1,115,000 after purchasing an additional 38,962 shares during the period. Pinnacle Associates Ltd. boosted its position in Sinclair by 4.5% during the third quarter. Pinnacle Associates Ltd. now owns 774,890 shares of the company’s stock worth $9,833,000 after purchasing an additional 33,457 shares in the last quarter. Finally, Capital Management Corp VA boosted its position in Sinclair by 2.1% during the third quarter. Capital Management Corp VA now owns 1,437,884 shares of the company’s stock worth $18,247,000 after purchasing an additional 28,902 shares in the last quarter. Institutional investors and hedge funds own 41.71% of the company’s stock.

About Sinclair

Sinclair, Inc is a diversified media company that owns and operates local television stations across the United States. Its broadcast portfolio includes ABC, CBS, FOX, NBC, and other network-affiliated stations, as well as independent stations. Sinclair’s local media operations produce news, weather, sports, and community-focused programming for viewers in markets throughout the country.

The company also develops and distributes national and regional content through cable networks, digital platforms, and streaming services.