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

The E.W. Scripps Company (NASDAQ:SSP) was the recipient of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 2,640,000 shares, an increase of 26.9% from the February 28th total of 2,080,000 shares. Approximately 3.2% of the shares of the company are sold short. Based on an average daily volume of 1,110,000 shares, the short-interest ratio is presently 2.4 days.

Wall Street Analyst Weigh In

Separately, Benchmark raised their price target on shares of E.W. Scripps from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, March 13th.

Institutional Investors Weigh In On E.W. Scripps

Several large investors have recently added to or reduced their stakes in SSP. Wittenberg Investment Management Inc. grew its position in shares of E.W. Scripps by 8.4% during the fourth quarter. Wittenberg Investment Management Inc. now owns 1,784,139 shares of the company’s stock worth $3,943,000 after acquiring an additional 137,900 shares during the last quarter. Millennium Management LLC grew its position in E.W. Scripps by 7.7% in the 4th quarter. Millennium Management LLC now owns 1,724,192 shares of the company’s stock worth $3,810,000 after purchasing an additional 123,663 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of E.W. Scripps by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 1,468,827 shares of the company’s stock valued at $3,247,000 after purchasing an additional 26,683 shares during the period. Marshall Wace LLP raised its holdings in shares of E.W. Scripps by 112.5% during the fourth quarter. Marshall Wace LLP now owns 1,055,343 shares of the company’s stock valued at $2,332,000 after buying an additional 558,818 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in shares of E.W. Scripps by 16.0% during the fourth quarter. Two Sigma Investments LP now owns 712,221 shares of the company’s stock worth $1,574,000 after buying an additional 98,172 shares during the period. 67.81% of the stock is owned by institutional investors and hedge funds.

E.W. Scripps Stock Down 1.7 %

Shares of E.W. Scripps stock opened at $2.98 on Thursday. The stock has a market capitalization of $258.37 million, a price-to-earnings ratio of -0.96 and a beta of 1.54. E.W. Scripps has a twelve month low of $1.36 and a twelve month high of $4.65. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 3.41. The business’s 50 day simple moving average is $2.17 and its 200-day simple moving average is $2.23.

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.