Sinclair's David Smith is Dumping Company Stock

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According to SEC filings, twice this month Sinclair Broadcasting’s Chairman David Smith sold a large amount of the company’s stock.

On March 19th, Smith sold 252,676 shares of Sinclair stock at an average price of $34.57 a share and a total transaction of $8,735,009.32.

Then on March 22nd, Smith turned right around and sold 332,811 shares of Sinclair stock. This stock was sold at an average price of $33.90, for a total transaction of $11,282,292.90.

Sinclair recently laid off hundreds of people. CEO Chris Ripley said that the 2nd quarter is pacing down and now Smith has dumped around $20 million dollars of the company stock.

I’m no Warren Buffett, but these moves don’t give me high confidence in the near future of Sinclair.

Just saying….