Clear Channel Outdoor (NYSE:CCO) Share Price Passes Above 200 Day Moving Average – Here’s Why
by Michael Walen · The Markets DailyClear Channel Outdoor Holdings, Inc. (NYSE:CCO – Get Free Report) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $2.25 and traded as high as $2.41. Clear Channel Outdoor shares last traded at $2.4050, with a volume of 4,123,167 shares.
Wall Street Analysts Forecast Growth
CCO has been the topic of a number of research analyst reports. Wells Fargo & Company upped their target price on Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a research note on Friday, February 27th. TD Cowen restated a “hold” rating and issued a $2.43 target price (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research report on Friday, March 27th. Five investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Clear Channel Outdoor currently has an average rating of “Reduce” and a consensus target price of $2.29.
Check Out Our Latest Stock Report on CCO
Clear Channel Outdoor Stock Performance
The stock has a market capitalization of $1.22 billion, a P/E ratio of -13.36 and a beta of 1.96. The firm has a 50-day moving average price of $2.39 and a 200 day moving average price of $2.25.
Clear Channel Outdoor (NYSE:CCO – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The business services provider reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The firm had revenue of $373.86 million during the quarter, compared to analysts’ expectations of $348.71 million. On average, equities analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Clear Channel Outdoor
Several institutional investors have recently bought and sold shares of the stock. CTC Alternative Strategies Ltd. purchased a new stake in Clear Channel Outdoor during the 1st quarter valued at about $32,000. Groupe la Francaise purchased a new stake in Clear Channel Outdoor during the 1st quarter valued at about $3,014,000. Bank of America Corp DE boosted its holdings in Clear Channel Outdoor by 94.4% during the 1st quarter. Bank of America Corp DE now owns 905,024 shares of the business services provider’s stock valued at $2,145,000 after acquiring an additional 439,481 shares during the period. Amundi boosted its holdings in Clear Channel Outdoor by 171.4% during the 1st quarter. Amundi now owns 44,297 shares of the business services provider’s stock valued at $105,000 after acquiring an additional 27,978 shares during the period. Finally, Polar Asset Management Partners Inc. purchased a new stake in Clear Channel Outdoor during the 1st quarter valued at about $1,185,000. 85.52% of the stock is currently owned by hedge funds and other institutional investors.
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.