Clear Channel Outdoor (NYSE:CCO) Trading 8.6% Higher – Here’s What Happened

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

Analysts Set New Price Targets

A number of research firms have weighed in on CCO. Wells Fargo & Company raised their target price 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. Morgan Stanley set a $2.00 price target on Clear Channel Outdoor in a report on Monday, November 10th. TD Cowen reissued a “buy” rating on shares of Clear Channel Outdoor in a research note on Monday, October 20th. Zacks Research downgraded Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 13th. Finally, Wall Street Zen lowered Clear Channel Outdoor from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $2.32.

Clear Channel Outdoor Stock Down 6.0%

The business’s 50-day simple moving average is $2.08 and its two-hundred day simple moving average is $1.66. The firm has a market capitalization of $1.05 billion, a price-to-earnings ratio of -210.50 and a beta of 2.26.

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

Hedge Funds Weigh In On Clear Channel Outdoor

Institutional investors have recently bought and sold shares of the company. Sanders Morris Harris LLC purchased a new position in shares of Clear Channel Outdoor in the third quarter valued at approximately $25,000. CWM LLC boosted its position 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 buying an additional 8,248 shares during the period. Burney Co. acquired a new position in shares of Clear Channel Outdoor in the third quarter worth $32,000. Advisors Capital Management LLC grew its stake in shares of Clear Channel Outdoor by 91.7% in the third quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider’s stock worth $36,000 after acquiring an additional 11,000 shares in the last quarter. Finally, Zacks Investment Management purchased a new stake in shares of Clear Channel Outdoor during the third quarter worth $36,000. 85.52% of the stock is owned by institutional investors and hedge funds.

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.