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

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares saw unusually-high trading volume on Thursday . 9,939,956 shares were traded during mid-day trading, an increase of 43% from the previous session’s volume of 6,964,451 shares.The stock last traded at $2.4050 and had previously closed at $2.41.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of Clear Channel Outdoor from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, August 6th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $2.29.

Clear Channel Outdoor Stock Down 2.3%

The company has a market capitalization of $1.20 billion, a PE ratio of -11.21 and a beta of 1.95. The stock’s fifty day simple moving average is $2.41 and its 200-day simple moving average is $2.37.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The firm had revenue of $438.04 million during the quarter, compared to analyst estimates of $423.62 million. Analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current year.

Insider Activity at Clear Channel Outdoor

In related news, Director Raymond T. White sold 2,500,900 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $2.40, for a total value of $6,002,160.00. Following the sale, the director directly owned 91,003 shares of the company’s stock, valued at approximately $218,407.20. This represents a 96.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 26,239,967 shares of company stock valued at $62,975,921. 7.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Captrust Financial Advisors purchased a new stake in Clear Channel Outdoor in the 4th quarter valued at approximately $27,000. EntryPoint Capital LLC purchased a new stake in shares of Clear Channel Outdoor in the fourth quarter valued at $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Clear Channel Outdoor in the fourth quarter valued at $31,000. CTC Alternative Strategies Ltd. acquired a new stake in shares of Clear Channel Outdoor during the first quarter valued at $32,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Clear Channel Outdoor during the second quarter valued at $33,000. 85.52% of the stock is owned by hedge funds and other institutional investors.

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.