The E.W. Scripps Company (NASDAQ:SSP) Sees Large Decline in Short Interest

The E.W. Scripps Company (NASDAQ:SSP) saw a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 2,970,000 shares, a decline of 17.7% from the September 30th total of 3,610,000 shares. Based on an average daily trading volume, of 644,100 shares, the days-to-cover ratio is presently 4.6 days.

Institutional Trading of E.W. Scripps

A number of institutional investors have recently bought and sold shares of SSP. Sei Investments Co. acquired a new stake in shares of E.W. Scripps in the second quarter valued at approximately $38,000. Vanguard Personalized Indexing Management LLC acquired a new stake in E.W. Scripps during the 2nd quarter valued at $39,000. Diversified Trust Co purchased a new position in E.W. Scripps during the third quarter worth $42,000. CWM LLC raised its holdings in shares of E.W. Scripps by 4,620.6% in the second quarter. CWM LLC now owns 14,209 shares of the company’s stock worth $45,000 after acquiring an additional 13,908 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of E.W. Scripps in the first quarter valued at $50,000. 67.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Benchmark lowered their price objective on E.W. Scripps from $14.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, August 12th. StockNews.com cut E.W. Scripps from a “hold” rating to a “sell” rating in a report on Thursday, August 15th.

E.W. Scripps Price Performance

Shares of SSP traded up $0.16 during trading hours on Wednesday, reaching $3.17. The company had a trading volume of 34,349 shares, compared to its average volume of 866,395. The company has a market capitalization of $272.99 million, a price-to-earnings ratio of -0.82 and a beta of 1.74. E.W. Scripps has a 12-month low of $1.68 and a 12-month high of $9.35. The firm has a 50 day simple moving average of $2.22 and a 200-day simple moving average of $2.77. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 3.79.

E.W. Scripps (NASDAQ:SSP) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.17). The company had revenue of $573.63 million for the quarter, compared to analyst estimates of $586.65 million. E.W. Scripps had a negative net margin of 11.06% and a positive return on equity of 2.94%. During the same quarter in the previous year, the business posted ($0.09) earnings per share.

E.W. Scripps Company Profile

The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local television stations, national news, and entertainment networks in the United States. It operates through Local Media, Scripps Networks, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, sports, and entertainment content, as well as its related digital operations; runs network, syndicated, and original programming, and local sporting events; and provides core and political advertising services.