Clear Channel Outdoor (NYSE:CCO) Shares Up 8.6% – Here’s Why

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares traded up 8.6% during trading on Wednesday . The company traded as high as $2.23 and last traded at $2.2050. 1,724,663 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 1,789,183 shares. The stock had previously closed at $2.03.

Analyst Ratings Changes

CCO has been the subject of several research analyst reports. TD Cowen reiterated a “buy” rating on shares of Clear Channel Outdoor in a report on Monday, October 20th. Zacks Research cut Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Monday, December 29th. Wells Fargo & Company raised their price target on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 12th. Finally, Morgan Stanley set a $2.00 target price on shares of Clear Channel Outdoor in a report on Monday, November 10th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $2.32.

Clear Channel Outdoor Stock Performance

The stock has a market capitalization of $1.11 billion, a PE ratio of -223.50 and a beta of 2.26. The stock’s 50-day moving average price is $2.05 and its two-hundred day moving average price is $1.65.

Clear Channel Outdoor (NYSE:CCO) last released its earnings results on Thursday, November 6th. The business services provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $405.64 million for the quarter, compared to analysts’ expectations of $402.03 million.

Institutional Trading of Clear Channel Outdoor

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. bought a new position in Clear Channel Outdoor in the 3rd quarter valued at approximately $1,501,000. Catalyst Funds Management Pty Ltd bought a new stake in shares of Clear Channel Outdoor in the 2nd quarter worth $218,000. Gamco Investors INC. ET AL raised its stake in shares of Clear Channel Outdoor by 16.1% in the second quarter. Gamco Investors INC. ET AL now owns 6,992,175 shares of the business services provider’s stock worth $8,181,000 after purchasing an additional 968,225 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Clear Channel Outdoor during the second quarter valued at $579,000. Finally, Squarepoint Ops LLC boosted its position in shares of Clear Channel Outdoor by 4,516.1% during the second quarter. Squarepoint Ops LLC now owns 548,946 shares of the business services provider’s stock valued at $642,000 after buying an additional 537,054 shares during the last quarter. 85.52% of the stock is currently owned by institutional investors.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc (NYSE: CCO) is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company’s portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.