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In a challenging market environment, shares of E.W. Scripps Company (SSP) have recorded a new 52-week low, dipping to $1.41. According to InvestingPro data, the company’s market capitalization has contracted to $122 million, despite maintaining a substantial EBITDA of $470 million over the last twelve months. The media concern, known for its television and radio stations, has faced significant headwinds over the past year, reflected in a stark 1-year change with the stock value plummeting by -67.02%. This downturn has brought the company’s shares to a price level that investors haven’t seen in the last year, marking a concerning milestone for stakeholders. However, InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 1.34, and analysts forecast a return to profitability with projected earnings of $1.07 per share in 2024. As the market continues to react, all eyes will be on SSP’s strategies to navigate these lows and recover shareholder value. For deeper insights into SSP’s valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro alongside 8 additional key ProTips.
In other recent news, The E.W. Scripps Company reported approximately $2.4 billion in revenue for the last twelve months ending September 30, 2024. Moody’s Ratings has affirmed Scripps’ B3 corporate family rating but downgraded its probability of default rating to Caa1-PD, with the outlook revised to negative. This reflects Moody’s concerns over potential distressed debt exchanges due to maturing loans and the company’s high financial leverage. Additionally, Scripps has finalized a multi-year affiliation agreement with NBC, extending its partnership with 11 NBC television stations. This follows a similar renewal with CBS last fall, indicating a stable network-affiliate relationship. Scripps also completed the sale of its San Diego tower sites for $20 million to K2 Towers, while retaining a lease agreement for continued operational use. In management changes, Adam Harman has been appointed as Senior Vice President of Programming, tasked with enhancing content offerings across Scripps’ networks. Harman’s extensive experience in programming and content acquisition is expected to support Scripps’ strategic goals.
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