Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Sees Significant Growth in Short Interest

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 26,540,000 shares, an increase of 11.0% from the March 15th total of 23,920,000 shares. Currently, 6.3% of the company’s stock are short sold. Based on an average daily volume of 2,380,000 shares, the days-to-cover ratio is currently 11.2 days.

Institutional Trading of Clear Channel Outdoor

Several hedge funds and other institutional investors have recently bought and sold shares of CCO. Optas LLC bought a new position in shares of Clear Channel Outdoor during the third quarter valued at approximately $27,000. Parallax Volatility Advisers L.P. bought a new position in shares of Clear Channel Outdoor during the third quarter valued at approximately $30,000. Raymond James & Associates grew its holdings in shares of Clear Channel Outdoor by 76.9% during the fourth quarter. Raymond James & Associates now owns 29,900 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 13,000 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Clear Channel Outdoor during the first quarter valued at approximately $35,000. Finally, Alpine Global Management LLC bought a new position in shares of Clear Channel Outdoor during the fourth quarter valued at approximately $36,000. 85.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CCO has been the topic of several recent analyst reports. Barrington Research reiterated an “outperform” rating and issued a $2.50 price target on shares of Clear Channel Outdoor in a research note on Tuesday, February 27th. StockNews.com upgraded Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Friday, February 16th. Wells Fargo & Company upgraded Clear Channel Outdoor from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $1.50 to $2.75 in a research note on Wednesday, December 20th. Finally, Morgan Stanley boosted their price target on Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Clear Channel Outdoor currently has a consensus rating of “Hold” and an average target price of $2.16.

Clear Channel Outdoor Stock Down 1.4 %

Shares of Clear Channel Outdoor stock opened at $1.45 on Wednesday. The firm has a market cap of $701.39 million, a P/E ratio of -2.23 and a beta of 2.88. Clear Channel Outdoor has a fifty-two week low of $0.99 and a fifty-two week high of $2.06. The business has a 50-day moving average price of $1.68 and a 200 day moving average price of $1.55.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings data on Monday, February 26th. The business services provider reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $632.11 million during the quarter, compared to the consensus estimate of $611.62 million. During the same period in the prior year, the firm earned $0.24 earnings per share. As a group, equities research analysts anticipate that Clear Channel Outdoor will post -0.24 earnings per share for the current year.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.