Scripps Networks Interactive, Inc (NASDAQ:SNI) was the recipient of a large drop in short interest in July. As of July 31st, there was short interest totalling 10,989,604 shares, a drop of 20.6% from the July 14th total of 13,838,286 shares. Based on an average daily volume of 7,529,697 shares, the days-to-cover ratio is currently 1.5 days. Currently, 12.6% of the company’s stock are sold short.

SNI has been the topic of a number of research analyst reports. Zacks Investment Research downgraded Scripps Networks Interactive from a “hold” rating to a “sell” rating in a report on Monday, July 17th. Wells Fargo & Company initiated coverage on Scripps Networks Interactive in a report on Thursday, July 20th. They set a “market perform” rating and a $82.00 target price on the stock. Moffett Nathanson reaffirmed a “sell” rating on shares of Scripps Networks Interactive in a report on Friday, June 9th. JPMorgan Chase & Co. raised Scripps Networks Interactive to a “neutral” rating and set a $83.00 target price on the stock in a report on Monday, May 15th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $76.00 target price on shares of Scripps Networks Interactive in a report on Friday, May 5th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $83.50.

In other Scripps Networks Interactive news, Director Jeffrey Sagansky sold 1,159 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $87.83, for a total transaction of $101,794.97. Following the transaction, the director now owns 9,457 shares of the company’s stock, valued at approximately $830,608.31. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Edward W. Scripps sold 300,000 shares of the stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $66.96, for a total value of $20,088,000.00. Following the transaction, the insider now directly owns 232,071 shares in the company, valued at approximately $15,539,474.16. The disclosure for this sale can be found here. 2.50% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in SNI. BlackRock Inc. raised its stake in Scripps Networks Interactive by 4,188.7% in the first quarter. BlackRock Inc. now owns 7,146,555 shares of the company’s stock valued at $560,078,000 after buying an additional 6,979,918 shares in the last quarter. Alliancebernstein L.P. raised its stake in Scripps Networks Interactive by 1,107.7% in the second quarter. Alliancebernstein L.P. now owns 2,084,212 shares of the company’s stock valued at $142,373,000 after buying an additional 1,911,635 shares in the last quarter. Renaissance Technologies LLC raised its stake in Scripps Networks Interactive by 312.1% in the second quarter. Renaissance Technologies LLC now owns 1,293,300 shares of the company’s stock valued at $88,345,000 after buying an additional 979,500 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Scripps Networks Interactive by 319.1% in the second quarter. JPMorgan Chase & Co. now owns 1,224,046 shares of the company’s stock valued at $83,614,000 after buying an additional 931,958 shares in the last quarter. Finally, FMR LLC raised its stake in Scripps Networks Interactive by 24.6% in the second quarter. FMR LLC now owns 3,371,082 shares of the company’s stock valued at $230,278,000 after buying an additional 665,805 shares in the last quarter. Institutional investors own 70.48% of the company’s stock.

Shares of Scripps Networks Interactive (NASDAQ:SNI) opened at 86.66 on Friday. Scripps Networks Interactive has a one year low of $59.32 and a one year high of $88.45. The company has a 50 day moving average price of $76.59 and a 200 day moving average price of $74.68. The company has a market cap of $11.25 billion, a P/E ratio of 17.88 and a beta of 1.49.

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About Scripps Networks Interactive

Scripps Networks Interactive, Inc is a developer of lifestyle-oriented content, providing primarily home, food, travel and other lifestyle-related programing. The Company’s content is distributed through multiple methods, including television, the Internet, digital platforms and licensing arrangements.

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