E.W. Scripps (NASDAQ:SSP) Shares Gap Up to $6.62

The E.W. Scripps Company (NASDAQ:SSP) shares gapped up prior to trading on Tuesday . The stock had previously closed at $6.62, but opened at $7.18. E.W. Scripps shares last traded at $7.42, with a volume of 19,933 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SSP. Benchmark restated a “buy” rating and issued a $17.00 target price on shares of E.W. Scripps in a report on Monday, August 7th. Guggenheim upped their price objective on E.W. Scripps from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Tuesday, August 8th. Finally, StockNews.com assumed coverage on E.W. Scripps in a research report on Thursday, October 5th. They issued a “sell” rating on the stock.

E.W. Scripps Trading Up 11.3 %

The business’s 50-day simple moving average is $6.02 and its two-hundred day simple moving average is $7.81. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.54 and a quick ratio of 1.54. The stock has a market capitalization of $623.65 million, a price-to-earnings ratio of -0.94 and a beta of 1.98.

Institutional Investors Weigh In On E.W. Scripps

Several hedge funds have recently modified their holdings of SSP. Allspring Global Investments Holdings LLC lifted its holdings in E.W. Scripps by 301.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 7,667 shares of the company’s stock worth $70,000 after buying an additional 5,759 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of E.W. Scripps by 14.1% during the second quarter. Louisiana State Employees Retirement System now owns 30,800 shares of the company’s stock worth $282,000 after acquiring an additional 3,800 shares during the last quarter. New York State Common Retirement Fund lifted its stake in shares of E.W. Scripps by 4.5% in the first quarter. New York State Common Retirement Fund now owns 782,936 shares of the company’s stock worth $7,367,000 after acquiring an additional 33,909 shares in the last quarter. CM Wealth Advisors LLC acquired a new stake in E.W. Scripps during the 1st quarter valued at approximately $103,000. Finally, PAX Financial Group LLC grew its stake in E.W. Scripps by 15.6% during the 1st quarter. PAX Financial Group LLC now owns 46,723 shares of the company’s stock valued at $440,000 after purchasing an additional 6,318 shares in the last quarter. 66.30% of the stock is currently 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 and national media brands. Its Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations.