Alden Global Capital offered to buy the remaining stake in Tribune
Tribune Publishing Company (NASDAQ:TPCO) is one of the better stocks on the Nasdaq today, up 9.4% at $13.99 at last check. Today's pop --which resulted in a record high of $14 out of the gate -- comes after the company's largest shareholder, Alden Global Capital, offered to buy the company's remaining shares for $14.25 per share. The firm already owns a 32% stake in Tribune, and says it is not interested in selling the shares to another party. Tribune also updated its quarterly and full-year guidance.
TPCO has been able to etch out a channel of higher highs since its March 19 four-year bottom of $4.91. Along the way, the shares' 80-day moving average contained pullbacks in July and November. Now, the equity has surpassed its year-to-date breakeven point, on track for its sixth day of gains in the last seven.
Tailwinds certainly won't come from the analyst community. The brokerage bunch is bullish; both of the analysts in coverage sport a "strong buy" rating on Tribune. Plus, the 12-month consensus price target of $16.50 is a 17.9% premium to current levels.
Meanwhile, though shorts have been jumping ship, there is still plenty of pent-up buying power that could unwind and keep the pushing the equity higher. Short interest makes up 4.4% of TPCO's available float, or over 12 days to cover at the stock's average pace of trading.