Clear Channel Outdoor (NYSE:CCO) Trading Down 3.9% – What’s Next?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) fell 3.9% during trading on Thursday . The stock traded as low as $1.46 and last traded at $1.46. 134,693 shares traded hands during trading, a decline of 89% from the average session volume of 1,206,443 shares. The stock had previously closed at $1.52.

Analyst Ratings Changes

Several equities research analysts have weighed in on CCO shares. Wells Fargo & Company downgraded shares of Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $2.75 to $1.75 in a research note on Thursday, September 19th. TD Cowen dropped their target price on Clear Channel Outdoor from $2.60 to $2.40 and set a “buy” rating on the stock in a research note on Friday, November 1st. Finally, Barrington Research restated an “outperform” rating and set a $2.50 price target on shares of Clear Channel Outdoor in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Clear Channel Outdoor currently has an average rating of “Hold” and a consensus target price of $2.16.

Clear Channel Outdoor Stock Performance

The firm’s 50 day moving average is $1.50 and its 200-day moving average is $1.54. The stock has a market capitalization of $721.39 million, a price-to-earnings ratio of -5.09 and a beta of 3.04.

Insiders Place Their Bets

In other Clear Channel Outdoor news, major shareholder Arturo R. Moreno bought 250,000 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were purchased at an average cost of $1.45 per share, for a total transaction of $362,500.00. Following the transaction, the insider now directly owns 52,182,534 shares of the company’s stock, valued at approximately $75,664,674.30. The trade was a 0.48 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

Hedge funds have recently bought and sold shares of the business. Crewe Advisors LLC purchased a new stake in shares of Clear Channel Outdoor in the third quarter valued at approximately $32,000. Ground Swell Capital LLC purchased a new position in shares of Clear Channel Outdoor during the 3rd quarter valued at approximately $34,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in Clear Channel Outdoor in the 3rd quarter valued at $34,000. Stratos Wealth Advisors LLC purchased a new stake in Clear Channel Outdoor in the 3rd quarter worth $40,000. Finally, Point72 DIFC Ltd acquired a new position in Clear Channel Outdoor during the second quarter worth $55,000. Hedge funds and other institutional investors own 85.52% of the company’s stock.

About Clear Channel Outdoor

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.