Down -34.35% in 4 Weeks, Here's Why You Should You Buy the Dip in E.W. Scripps (SSP)

Core Viewpoint - The heavy selling of E.W. Scripps (SSP) shares is nearing exhaustion, indicating a potential trend reversal as the stock is currently in oversold territory with an RSI reading of 26.99 [1][4]. Technical Analysis - The stock has experienced significant selling pressure, losing 34.4% over the past four weeks, but is now showing signs of being oversold [4]. - The RSI, a key technical indicator, suggests that the stock may be due for a rebound as it is below the oversold threshold of 30 [5][6]. - The current price of SSP is 2.41 as of June 7, 2024, with an RSI of 31.498, indicating a potential for price appreciation [2]. Fundamental Indicators - There has been a consensus among sell-side analysts to raise earnings estimates for SSP, resulting in a 1.4% increase in the consensus EPS estimate over the last 30 days [3]. - SSP holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, suggesting a favorable outlook for the stock [4].