Aristeia Capital L.L.C. Invests $700,000 in E.W. Scripps Company (The) $SSP

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. bought a new position in E.W. Scripps Company (The) (NASDAQ:SSP - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 236,443 shares of the company's stock, valued at approximately $700,000. Aristeia Capital L.L.C. owned 0.27% of E.W. Scripps as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in SSP. Wells Fargo & Company MN grew its stake in shares of E.W. Scripps by 25.4% during the 4th quarter. Wells Fargo & Company MN now owns 36,592 shares of the company's stock valued at $81,000 after buying an additional 7,418 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of E.W. Scripps by 137.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,700 shares of the company's stock valued at $30,000 after buying an additional 7,927 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of E.W. Scripps during the 4th quarter valued at $25,000. Northern Trust Corp grew its stake in shares of E.W. Scripps by 6.1% during the 4th quarter. Northern Trust Corp now owns 532,334 shares of the company's stock valued at $1,176,000 after buying an additional 30,501 shares during the period. Finally, Bridgeway Capital Management LLC grew its stake in shares of E.W. Scripps by 3.5% during the 4th quarter. Bridgeway Capital Management LLC now owns 522,743 shares of the company's stock valued at $1,155,000 after buying an additional 17,505 shares during the period. 67.81% of the stock is owned by hedge funds and other institutional investors.

E.W. Scripps Stock Performance

NASDAQ:SSP remained flat at $2.91 on Friday. 362,785 shares of the company's stock were exchanged, compared to its average volume of 538,944. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.92. The stock's 50-day moving average price is $3.15 and its 200-day moving average price is $2.68. The company has a market cap of $257.05 million, a PE ratio of 6.06 and a beta of 1.05. E.W. Scripps Company has a one year low of $1.36 and a one year high of $4.17.

E.W. Scripps (NASDAQ:SSP - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $540.08 million during the quarter, compared to analysts' expectations of $544.17 million. E.W. Scripps had a net margin of 4.25% and a return on equity of 17.68%. On average, equities analysts predict that E.W. Scripps Company will post 1.07 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SSP. Wall Street Zen cut shares of E.W. Scripps from a "hold" rating to a "sell" rating in a research note on Sunday, August 31st. Wells Fargo & Company decreased their price target on shares of E.W. Scripps from $4.00 to $3.00 and set an "equal weight" rating for the company in a research report on Monday, August 11th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $5.50.

E.W. Scripps 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.