Sinclair Broadcast Group, Inc. (SBGI) Forms Descending Triangle Chart Pattern; Strong Momentum for Buyers Coming

November 10, 2018 - By Michael Collier

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Logo

Investors sentiment increased to 1.1 in 2018 Q2. Its up 0.43, from 0.67 in 2018Q1. It is positive, as 27 investors sold Sinclair Broadcast Group, Inc. shares while 56 reduced holdings. 35 funds opened positions while 56 raised stakes. 75.22 million shares or 8.42% less from 82.13 million shares in 2018Q1 were reported.
Baupost Gru Ltd Company Ma stated it has 0.72% in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI). Northern reported 1.00M shares. Piedmont Advsr Ltd Limited Liability Company holds 0% or 1,252 shares. Northwestern Mutual Wealth Mngmt Com stated it has 150 shares. Great West Life Assurance Can owns 9,732 shares. Wells Fargo And Mn reported 329,277 shares. Aperio Gp, California-based fund reported 13,465 shares. Citigroup invested 0.01% of its portfolio in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI). Howe And Rusling has 1,000 shares for 0.01% of their portfolio. Apollo Management Holdg Ltd Partnership has invested 0.01% in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI). Massmutual Tru Company Fsb Adv owns 19,225 shares or 0% of their US portfolio. Omega holds 2.65M shares. Hap Trading Limited Liability Company holds 0.05% or 29,193 shares. Jefferies Gru Ltd Liability has 0% invested in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI). Massachusetts-based Fmr Limited has invested 0.01% in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI).

Since June 14, 2018, it had 0 insider purchases, and 1 insider sale for $64,518 activity.

The stock of Sinclair Broadcast Group, Inc. (SBGI) formed a descending triangle with $33.91 target or 8.00 % above today’s $31.40 share price. The 8 months triangle pattern indicates low risk for the $3.11B company. If the $33.91 price target is reached, the company will be worth $248.96M more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

The stock decreased 1.16% or $0.37 during the last trading session, reaching $31.4. About 1.30 million shares traded or 4.78% up from the average. Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) has declined 2.61% since November 10, 2017 and is downtrending. It has underperformed by 18.23% the S&P500.

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Ratings Coverage

Among 3 analysts covering Sinclair Broadcast Group (NASDAQ:SBGI), 1 have Buy rating, 0 Sell and 2 Hold. Therefore 33% are positive. Sinclair Broadcast Group had 5 analyst reports since July 17, 2018 according to SRatingsIntel. FBR Capital maintained Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) rating on Thursday, November 8. FBR Capital has “Neutral” rating and $35 target. The stock of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) has “Buy” rating given on Tuesday, July 17 by FBR Capital. As per Thursday, September 6, the company rating was downgraded by FBR Capital. The firm has “Outperform” rating by RBC Capital Markets given on Friday, August 10.

More notable recent Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) news were published by: Streetinsider.com which released: “Sinclair Broadcasting (SBGI) PT Raised to $38 at RBC Capital” on November 08, 2018, also Bizjournals.com with their article: “Tribune Publishing get bids from Donerail, McClatchy, AIM Media” published on November 02, 2018, Nasdaq.com published: “Recent Analysis Shows Prospect Capital, Aegon NV, Chico’s FAS, AmTrust Financial Services, CBS, and Sinclair …” on October 26, 2018. More interesting news about Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) were released by: Nasdaq.com and their article: “Why Disney Stock Will Likely Fall Hard After Reporting Earnings” published on November 07, 2018 as well as Seekingalpha.com‘s news article titled: “Sinclair Broadcast declares $0.20 dividend” with publication date: November 07, 2018.

Sinclair Broadcast Group, Inc. operates as a television broadcasting firm in the United States. The company has market cap of $3.11 billion. It owns or provides various programming, operating, or sales services to television stations. It has a 5.92 P/E ratio. The firm broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and internally originated programming to television viewing audiences in the communities through various local television stations.

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Institutional Positions Chart

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