Taking a Closer Look At Sinclair Broadcast Group Inc. (SBGI) Following Its Recent Trade


In a filing, Sinclair Broadcast Group Inc. revealed its Chief Compliance Officer Lewis Jeffrey Edward unloaded Company’s shares for reported $6110.0 on Feb 27. In the deal valued at $16.97 per share,360 shares were sold. As a result of this transaction, Lewis Jeffrey Edward now holds 2,400 shares worth roughly $ 35016.0.

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JP Morgan downgraded its Sinclair Broadcast Group Inc. [SBGI] rating to an Underweight from a a Neutral in a research note published on Tuesday, December 08, 2022; the price target was decreased to $16 from $25. PT values the company’s stock at a premium of 8.81 to its Tuesday closing price. A number of analysts have revised their coverage, including Wells Fargo’s analysts, who decreased its forecast for the stock in early November from “an Overweight” to “an Underweight”. Wells Fargo also remained covering SBGI and has increased its forecast on May 05, 2022 with a “an Overweight” recommendation from previously “an Equal weight” rating. Rosenblatt started covering the stock on April 19, 2022. It rated SBGI as “a Neutral”.

Price Performance Review of SBGI

On Tuesday, Sinclair Broadcast Group Inc. [NASDAQ:SBGI] saw its stock jump 1.67% to $14.59. On the same session, the stock had its day’s lowest price of $14.475, but rose to a high of $15.14. Over the last five days, the stock has lost -6.11%. Sinclair Broadcast Group Inc. shares have fallen nearly -5.93% since the year began. Nevertheless, the stocks have fallen -41.90% over the past one year. While a 52-week high of $28.51 was reached on 02/02/23, a 52-week low of $14.15 was recorded on 03/13/23. SMA at 50 days reached $18.06, while 200 days put it at $19.75. A total of 1.05 million shares were traded, compared to the trading of 0.74 million shares in the previous session.

Levels Of Support And Resistance For SBGI Stock

The 24-hour chart illustrates a support level at 14.33, which if violated will result in even more drops to 14.07. On the upside, there is a resistance level at 14.99. A further resistance level may holdings at 15.40. The Relative Strength Index (RSI) on the 14-day chart is 26.80, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.20, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 89.67%. Stochastics %K at 5.51% indicates the stock is a buying.

How much short interest is there in Sinclair Broadcast Group Inc.?

A steep rise in short interest was recorded in Sinclair Broadcast Group Inc. stocks on Jan 12, 2023, growing by 0.17 million shares to a total of 2.78 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2022 was 2.61 million shares. There was a rise of 6.12%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 7.55% of the overall stock float, the days-to-cover ratio (short ratio) rose to 4.53.

Sinclair Broadcast Group Inc. [SBGI] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 4,470,555 shares, or roughly 9.75% of the outstanding SBGI shares. In other words, the investor’s shares have fallen by -126,533 from its previous 13-F filing of 4597088.0. Additionally, Contrarius Investment Management increased 13.08% of its stake after which the total value it holdings stand at $70,611,214, while BlackRock Fund Advisors added 7.86% of its stake to hold $45.44 million in the firm. Over the last quarter, GAMCO Asset Management, Inc. sold -192,522 shares of Sinclair Broadcast Group Inc., while Millennium Management LLC sold 1,903,947 shares. At present, Gabelli Funds LLC is holding 1,057,800 shares valued at $17.21 million. The Capital Management Corp. owned 1,054,874 shares of the company at the time of its most recent 13F filing, worth $17.16 million.

According to FactSet, Sinclair Broadcast Group Inc.’s share price will average $23.25 in the next year, based on opinions of analysts polled by the firm. This is up nearly 28.92 percent from its previous closing price of $14.35. Analysts expect Sinclair Broadcast Group Inc. stock to reach the higher price of $38.00, while the lowest price estimate is $15.00. However, 9 analysts have rated SBGI stock as a Hold in their predictions for 2023.


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