SoFi CEO enters prepaid forward contract on 1.5 million shares
David D. Smith, the Executive Chairman of Sinclair, Inc. (NASDAQ:SBGI), recently acquired a significant amount of the company’s Class A Common Stock. According to a recent SEC filing, Smith purchased a total of 110,566 shares over two transactions, with the total value of these purchases amounting to approximately $1.88 million. The insider buying comes as the company trades at an attractive P/E ratio of 3.52 and offers a substantial 5.9% dividend yield. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
The first transaction occurred on March 21, 2025, when Smith acquired 92,664 shares at a weighted average price of $17.1058 per share. The price range for this transaction was between $16.80 and $17.15. The second transaction took place on March 24, 2025, with Smith purchasing an additional 17,902 shares at a weighted average price of $16.4463 per share, within a price range of $16.41 to $16.45.
Following these transactions, Smith’s direct ownership of Sinclair’s Class A Common Stock increased to 1,082,771 shares. Additionally, Smith holds other shares indirectly through various trusts and custodial accounts, as noted in the filing.
These transactions highlight Smith’s continued investment in Sinclair, Inc., as he maintains significant direct and indirect holdings in the company.
In other recent news, Sinclair Broadcasting has reported its fourth-quarter 2024 earnings, highlighting a significant increase in distribution revenue and exceeding adjusted EBITDA guidance by $5 million. Despite a 9% decline in core advertising, the company achieved an adjusted EBITDA of $330 million, demonstrating resilience in challenging market conditions. Guggenheim has maintained a Buy rating on Sinclair while lowering its price target from $19 to $17, reflecting recent financial performance and projections for the first quarter of 2025. Sinclair’s management projects first-quarter 2025 revenues between $765 million and $779 million, with EBITDA estimates ranging from $90 million to $102 million. Benchmark analysts have also maintained a Buy rating with a consistent price target of $30, noting Sinclair’s ability to exceed expectations and strategic use of Ventures cash. Moreover, Sinclair’s Executive Vice President and CFO, Lucy Rutishauser, announced her retirement, with the company initiating a search for her successor. Rutishauser, who played a pivotal role in Sinclair’s financial strategies, will remain as a senior advisor post-retirement. These developments reflect Sinclair’s ongoing strategic maneuvers and financial adjustments in response to market trends and operational circumstances.
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