It was a tough trading session on Thursday for The E.W. Scripps Co., as its Nasdaq GlobalSelect-traded shares fell by 11% in active trading.
On volume of 1.3 million shares, “SSP” declined to $2.59 per share, losing 32 cents from Wednesday.
This continues a downward trend for Scripps stock that dates to March 2022, when shares were hovering in the $21 range. Year-to-date, “SSP” is off from a $9.12 closing price seen on January 25, and is at its lowest trading value since June 2009.
The decline for “SSP” comes despite a glowing recommendation released Wednesday from Zacks’ Vasundhara Sawalka, who said Scripps was “reaping the benefits of a massive spike in digital content consumption.”
“As monetization and revenues from advertising spending continue to be modest, strategies focused on profit protection, cash management and greater technology integration have gained significance and are expected to aid these companies in driving top-line growth in the near term,” Sawalka said.
