236,443 Shares in E.W. Scripps Company (The) $SSP Purchased by Aristeia Capital L.L.C.

Key Points

• Aristeia Capital L.L.C. acquired 236,443 shares of E.W. Scripps Company, valued at approximately $700,000, increasing its stake to 0.27% of the company.
• Other institutional investors, including Charles Schwab and Wittenberg Investment Management, have also significantly increased their holdings in E.W. Scripps during the first quarter of 2023.
• E.W. Scripps reported a loss of ($0.12) EPS for the most recent quarter, missing the consensus estimate, while analysts predict a moderate buy consensus rating for the stock with a target price of $5.50.

Aristeia Capital L.L.C. purchased a new stake in E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 236,443 shares of the company's stock, valued at approximately $700,000. Aristeia Capital L.L.C. owned approximately 0.27% of E.W. Scripps as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of E.W. Scripps by 111.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 8,931 shares of the company's stock valued at $26,000 after acquiring an additional 4,715 shares during the period. ProShare Advisors LLC boosted its holdings in shares of E.W. Scripps by 50.8% in the fourth quarter. ProShare Advisors LLC now owns 17,268 shares of the company's stock valued at $38,000 after acquiring an additional 5,819 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of E.W. Scripps by 25.4% in the fourth quarter. Wells Fargo & Company MN now owns 36,592 shares of the company's stock valued at $81,000 after acquiring an additional 7,418 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of E.W. Scripps by 137.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 13,700 shares of the company's stock worth $30,000 after purchasing an additional 7,927 shares during the period. Finally, PAX Financial Group LLC lifted its holdings in shares of E.W. Scripps by 4.0% during the first quarter. PAX Financial Group LLC now owns 274,323 shares of the company's stock worth $812,000 after purchasing an additional 10,542 shares during the period. 67.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SSP has been the subject of several recent research reports. Wells Fargo & Company decreased their price target on E.W. Scripps from $4.00 to $3.00 and set an "equal weight" rating for the company in a report on Monday, August 11th. Wall Street Zen downgraded E.W. Scripps from a "hold" rating to a "sell" rating in a report on Sunday, August 31st. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $5.50.

E.W. Scripps Price Performance

Shares of SSP stock traded down $0.16 during mid-day trading on Wednesday, reaching $2.78. The stock had a trading volume of 578,848 shares, compared to its average volume of 600,704. E.W. Scripps Company has a 12-month low of $1.36 and a 12-month high of $4.17. The company has a market cap of $245.56 million, a P/E ratio of 5.79 and a beta of 1.05. The business has a 50-day simple moving average of $3.16 and a 200 day simple moving average of $2.66. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.92.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.08). E.W. Scripps had a net margin of 4.25% and a return on equity of 17.68%. The firm had revenue of $540.08 million during the quarter, compared to analysts' expectations of $544.17 million. On average, sell-side analysts anticipate that E.W. Scripps Company will post 1.07 earnings per share for the current year.

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.