Short Interest in The E.W. Scripps Company (NASDAQ:SSP) Grows By 19.9%

The E.W. Scripps Company (NASDAQ:SSP) saw a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 5,190,000 shares, a growth of 19.9% from the May 31st total of 4,330,000 shares. Based on an average daily volume of 1,300,000 shares, the days-to-cover ratio is currently 4.0 days. Approximately 8.6% of the company’s stock are short sold.

E.W. Scripps Stock Performance

NASDAQ:SSP opened at $3.10 on Monday. The stock has a 50-day moving average price of $3.06 and a 200 day moving average price of $4.85. E.W. Scripps has a 12-month low of $1.96 and a 12-month high of $11.02. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 3.82.

E.W. Scripps (NASDAQ:SSP) last issued its earnings results on Thursday, May 9th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). The company had revenue of $561.46 million for the quarter, compared to the consensus estimate of $571.01 million. E.W. Scripps had a positive return on equity of 3.17% and a negative net margin of 39.87%. On average, sell-side analysts expect that E.W. Scripps will post 0.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. StockNews.com raised E.W. Scripps from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. Benchmark reissued a “buy” rating and set a $14.00 price objective on shares of E.W. Scripps in a report on Monday, May 13th. Finally, Wells Fargo & Company lowered their price objective on shares of E.W. Scripps from $6.00 to $4.50 and set an “equal weight” rating on the stock in a research report on Monday, May 13th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Quadrant Capital Group LLC increased its stake in E.W. Scripps by 1,394.8% during the fourth quarter. Quadrant Capital Group LLC now owns 4,350 shares of the company’s stock worth $35,000 after acquiring an additional 4,059 shares during the last quarter. Newbridge Financial Services Group Inc. bought a new position in shares of E.W. Scripps during the 1st quarter valued at approximately $40,000. Nisa Investment Advisors LLC raised its holdings in E.W. Scripps by 93.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 5,210 shares of the company’s stock valued at $42,000 after buying an additional 2,517 shares during the period. Virtu Financial LLC bought a new stake in E.W. Scripps in the first quarter worth $50,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in E.W. Scripps during the third quarter worth $55,000. 67.81% of the stock is owned by hedge funds and other institutional investors.

About E.W. Scripps

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.