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

Key Points

• Guggenheim has lowered its price target for Sinclair (NASDAQ: SBGI) from $20.00 to $19.00, maintaining a "buy" rating, which implies a potential upside of 31.17% from the current price.
• Other research firms have also adjusted their targets, with Wells Fargo cutting its price from $17.00 to $16.00 and JPMorgan reducing their target from $14.00 to $13.00, indicating a mixed outlook from various analysts.
• Sinclair's recent earnings report showed a loss of ($0.91) per share, missing estimates and reflecting a 5.4% decline in revenue compared to the same period last year.

Sinclair (NASDAQ:SBGI - Get Free Report) had its target price decreased by equities researchers at Guggenheim from $20.00 to $19.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's price target would indicate a potential upside of 33.90% from the stock's previous close.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. cut their price objective on Sinclair from $14.00 to $13.00 and set an "underweight" rating for the company in a research report on Wednesday, May 21st. Wall Street Zen lowered Sinclair from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. Benchmark cut their price objective on Sinclair from $29.00 to $27.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Finally, Wells Fargo & Company lowered their price target on shares of Sinclair from $17.00 to $16.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, Sinclair presently has an average rating of "Hold" and an average price target of $18.30.

Sinclair Price Performance

Shares of Sinclair stock traded down $0.47 during trading on Thursday, reaching $14.19. 670,852 shares of the stock traded hands, compared to its average volume of 647,197. The company has a market capitalization of $987.20 million, a price-to-earnings ratio of 17.10 and a beta of 1.28. The business has a fifty day simple moving average of $14.15 and a two-hundred day simple moving average of $14.50. The company has a debt-to-equity ratio of 13.93, a current ratio of 1.89 and a quick ratio of 2.08. Sinclair has a 52-week low of $11.89 and a 52-week high of $18.45.

Sinclair (NASDAQ:SBGI - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.91) earnings per share for the quarter, missing analysts' consensus estimates of ($0.72) by ($0.19). The firm had revenue of $784.00 million for the quarter, compared to analysts' expectations of $798.16 million. Sinclair had a net margin of 1.44% and a return on equity of 12.51%. The company's revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.27 EPS. Sell-side analysts expect that Sinclair will post 4.24 EPS for the current year.

Institutional Trading of Sinclair

Several institutional investors have recently added to or reduced their stakes in SBGI. Tower Research Capital LLC TRC lifted its stake in Sinclair by 175.6% in the second 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. Federated Hermes Inc. bought a new stake in Sinclair in the fourth quarter worth about $47,000. Raymond James Financial Inc. bought a new stake in Sinclair in the second quarter worth about $54,000. Ameritas Investment Partners Inc. lifted its stake in Sinclair by 26.2% in the second quarter. Ameritas Investment Partners Inc. now owns 3,945 shares of the company's stock worth $55,000 after purchasing an additional 820 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in Sinclair in the first quarter worth about $58,000. Institutional investors own 41.71% of the company's stock.

Sinclair Company Profile

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.