Clear Channel Outdoor (NYSE:CCO) Sees Strong Trading Volume – Here’s What Happened

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw an uptick in trading volume on Wednesday . 8,496,304 shares were traded during mid-day trading, an increase of 26% from the previous session’s volume of 6,768,964 shares.The stock last traded at $2.3850 and had previously closed at $2.39.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CCO shares. TD Cowen reissued a “hold” rating and issued a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Friday, March 27th. Finally, Wells Fargo & Company increased their target price on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the company an “equal weight” rating in a research note on Friday, February 27th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $2.29.

Clear Channel Outdoor Trading Down 0.2%

The business’s 50-day simple moving average is $2.38 and its 200-day simple moving average is $2.14. The company has a market cap of $1.19 billion, a PE ratio of 47.91 and a beta of 2.26.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Thursday, February 26th. The business services provider reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.01. The firm had revenue of $461.52 million during the quarter, compared to analysts’ expectations of $449.10 million. On average, research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. CWM LLC raised its holdings in Clear Channel Outdoor by 97.9% in the 3rd quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 8,248 shares in the last quarter. Captrust Financial Advisors bought a new stake in shares of Clear Channel Outdoor during the fourth quarter valued at approximately $27,000. EntryPoint Capital LLC bought a new stake in shares of Clear Channel Outdoor during the fourth quarter valued at approximately $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Clear Channel Outdoor in the fourth quarter valued at $31,000. Finally, Sargent Investment Group LLC acquired a new position in shares of Clear Channel Outdoor in the fourth quarter valued at $33,000. 85.52% of the stock is currently owned by institutional investors and hedge funds.

Clear Channel Outdoor Company Profile

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.