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

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw an uptick in trading volume on Monday . 13,233,674 shares changed hands during trading, an increase of 78% from the previous session’s volume of 7,415,771 shares.The stock last traded at $2.3750 and had previously closed at $2.38.

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 investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Clear Channel Outdoor has a consensus rating of “Reduce” and an average target price of $2.29.

Clear Channel Outdoor Stock Performance

The business has a 50 day simple moving average of $2.40 and a two-hundred day simple moving average of $2.38. The firm has a market capitalization of $1.20 billion, a P/E ratio of -11.26 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last issued its quarterly earnings results on Wednesday, August 5th. The business services provider reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $438.04 million for the quarter, compared to the consensus estimate of $423.62 million. On average, equities analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of Clear Channel Outdoor stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the completion of the sale, the director directly owned 91,003 shares in the company, valued at $218,407.20. The trade was a 96.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 26,239,967 shares of company stock valued at $62,975,921 over the last quarter. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

A number of institutional investors have recently made changes to their positions in CCO. BlackRock Inc. bought a new stake in Clear Channel Outdoor during the second quarter worth about $73,669,000. Glazer Capital LLC purchased a new position in shares of Clear Channel Outdoor in the 2nd quarter worth about $29,763,000. Man Group plc bought a new position in shares of Clear Channel Outdoor during the 2nd quarter valued at about $12,056,000. 140 Summer Partners LP bought a new position in shares of Clear Channel Outdoor during the 4th quarter valued at about $8,806,000. Finally, Barclays PLC raised its holdings in shares of Clear Channel Outdoor by 3,017.0% during the 3rd quarter. Barclays PLC now owns 4,109,743 shares of the business services provider’s stock valued at $6,493,000 after buying an additional 3,977,895 shares in the last quarter. Institutional investors own 85.52% of the company’s stock.

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.