Clear Channel Outdoor (NYSE:CCO) Stock Price Down 8.3% – Should You Sell?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) fell 8.3% during mid-day trading on Thursday . The company traded as low as $1.35 and last traded at $1.38. 639,220 shares changed hands during trading, a decline of 67% from the average session volume of 1,943,677 shares. The stock had previously closed at $1.50.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CCO. Wells Fargo & Company downgraded shares of Clear Channel Outdoor from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $2.75 to $1.75 in a research note on Thursday, September 19th. Barrington Research reissued an “outperform” rating and issued a $2.50 target price on shares of Clear Channel Outdoor in a report on Monday, August 12th.

Clear Channel Outdoor Trading Down 0.3 %

The firm has a market capitalization of $730.98 million, a PE ratio of -1.94 and a beta of 3.07. The business’s 50 day simple moving average is $1.56 and its two-hundred day simple moving average is $1.52.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings results on Wednesday, August 7th. The business services provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The business had revenue of $558.54 million for the quarter, compared to analyst estimates of $563.75 million. As a group, equities research analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.29 earnings per share for the current year.

Hedge Funds Weigh In On Clear Channel Outdoor

Several large investors have recently added to or reduced their stakes in the company. Ground Swell Capital LLC purchased a new stake in shares of Clear Channel Outdoor during the third quarter worth about $34,000. CarsonAllaria Wealth Management Ltd. purchased a new position in Clear Channel Outdoor during the third quarter worth $34,000. Stratos Wealth Advisors LLC bought a new position in Clear Channel Outdoor during the third quarter valued at $40,000. Inspire Investing LLC purchased a new stake in shares of Clear Channel Outdoor in the third quarter valued at $410,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Clear Channel Outdoor during the 2nd quarter worth about $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.