E.W. Scripps (NASDAQ:SSP) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded E.W. Scripps from “sell” to “hold.” The broader analyst consensus is also “Hold,” with an average price target of $5.90.
• E.W. Scripps shares opened at $3.02, down 1.3%, with a market capitalization of approximately $279.9 million. The stock has traded between $2.02 and $5.39 over the past year.
• The company reported a quarterly loss of $0.34 per share, narrower than analysts’ expected loss of $0.53, while revenue of $490.4 million fell short of the $511.65 million consensus estimate.

E.W. Scripps (NASDAQ:SSP - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

A number of other analysts have also recently weighed in on SSP. Wells Fargo & Company decreased their price objective on E.W. Scripps from $4.70 to $3.80 and set an "equal weight" rating for the company in a research report on Tuesday, August 11th. Weiss Ratings reissued a "sell (d)" rating on shares of E.W. Scripps in a report on Wednesday, August 26th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $5.90.

E.W. Scripps Trading Down 1.3%

Shares of E.W. Scripps stock opened at $3.02 on Friday. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market capitalization of $279.86 million, a P/E ratio of -0.22 and a beta of 0.68. E.W. Scripps has a 1 year low of $2.02 and a 1 year high of $5.39. The company's fifty day moving average is $3.15 and its two-hundred day moving average is $3.51.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.34) EPS for the quarter, beating analysts' consensus estimates of ($0.53) by $0.19. E.W. Scripps had a negative net margin of 58.02% and a negative return on equity of 4.58%. The business had revenue of $490.40 million during the quarter, compared to analysts' expectations of $511.65 million.

Institutional Trading of E.W. Scripps

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE grew its stake in E.W. Scripps by 13.9% in the 1st quarter. Bank of America Corp DE now owns 71,890 shares of the company's stock valued at $267,000 after acquiring an additional 8,746 shares during the last quarter. Empowered Funds LLC raised its position in E.W. Scripps by 9.9% during the first quarter. Empowered Funds LLC now owns 469,174 shares of the company's stock worth $1,745,000 after acquiring an additional 42,138 shares during the last quarter. Rangeley Capital LLC acquired a new position in E.W. Scripps during the first quarter worth about $318,000. Gabelli Funds LLC lifted its holdings in shares of E.W. Scripps by 23.2% in the first quarter. Gabelli Funds LLC now owns 1,375,524 shares of the company's stock valued at $5,117,000 after purchasing an additional 258,908 shares in the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. lifted its holdings in shares of E.W. Scripps by 233.3% in the first quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 241,500 shares of the company's stock valued at $898,000 after purchasing an additional 169,050 shares in the last quarter. 67.81% of the stock is owned by institutional investors and hedge funds.

About E.W. Scripps

The E.W. Scripps Company is a diversified media company that operates local television stations and national broadcast and digital media networks. Its local media business provides news, weather, sports and community programming through television stations serving markets across the United States, along with related digital platforms.

Scripps' national portfolio includes Scripps News, a 24-hour news service, and entertainment and specialty networks such as ION, Bounce, Court TV, Grit and ION Mystery.

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