Benchmark Issues Pessimistic Forecast for Sinclair (NASDAQ:SBGI) Stock Price

Key Points

• Benchmark has lowered its target price for Sinclair stock from $29.00 to $27.00, suggesting a possible upside of 91.20% from its current price.
• Other analysts have also issued negative ratings, with JPMorgan reducing its target price to $13.00 and maintaining an "underweight" rating on the stock.
• Sinclair's recent quarterly earnings report showed a loss of ($0.91) EPS, missing analysts' expectations and reflecting a revenue decline of 5.4% compared to the previous year.

Sinclair (NASDAQ:SBGI - Get Free Report) had its target price decreased by equities researchers at Benchmark from $29.00 to $27.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's price objective suggests a potential upside of 91.20% from the stock's current price.

Other analysts have also issued reports about the company. JPMorgan Chase & Co. dropped their target price on Sinclair from $14.00 to $13.00 and set an "underweight" rating on the stock in a research report on Wednesday, May 21st. Wall Street Zen lowered Sinclair from a "hold" rating to a "sell" rating in a report on Monday, May 12th. Finally, Guggenheim reissued a "buy" rating on shares of Sinclair in a report on Thursday, May 15th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $18.10.

Sinclair Trading Down 0.4%

Shares of SBGI opened at $14.12 on Thursday. The stock's 50-day moving average is $14.14 and its two-hundred day moving average is $14.56. The stock has a market cap of $982.40 million, a PE ratio of 7.03 and a beta of 1.28. Sinclair has a 12 month low of $12.20 and a 12 month high of $18.45. The company has a debt-to-equity ratio of 11.32, a current ratio of 2.08 and a quick ratio of 2.08.

Sinclair (NASDAQ:SBGI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.91) EPS for the quarter, missing analysts' consensus estimates of ($0.72) by ($0.19). The company had revenue of $784.00 million for the quarter, compared to analyst estimates of $798.16 million. Sinclair had a return on equity of 34.15% and a net margin of 3.72%. The company's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.27 EPS. Equities analysts forecast that Sinclair will post 4.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sinclair

Several hedge funds and other institutional investors have recently made changes to their positions in the business. AlphaQuest LLC boosted its position in shares of Sinclair by 33.6% during the second quarter. AlphaQuest LLC now owns 11,117 shares of the company's stock worth $154,000 after buying an additional 2,793 shares during the period. Alpha Wealth Funds LLC acquired a new stake in Sinclair in the second quarter worth approximately $515,000. Allianz Asset Management GmbH acquired a new stake in Sinclair in the second quarter worth approximately $602,000. Acadian Asset Management LLC lifted its position in Sinclair by 134.7% in the first quarter. Acadian Asset Management LLC now owns 11,525 shares of the company's stock worth $182,000 after purchasing an additional 6,615 shares during the period. Finally, Empowered Funds LLC lifted its position in Sinclair by 3.3% in the first quarter. Empowered Funds LLC now owns 251,943 shares of the company's stock worth $4,013,000 after purchasing an additional 7,970 shares during the period. 41.71% of the stock is currently owned by institutional investors and hedge funds.

About Sinclair

Sinclair, Inc, a media company, provides content on local television stations and digital platforms in the United States. It operates through two segments, Local Media and Tennis. The Local Media segment operates broadcast television stations, original networks, and content; provides free-over-the-air programming and live local sporting events on its stations; distributes its content to multi-channel video programming distributors in exchange for contractual fees; and produces local and original news programs.

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