Clear Channel Outdoor (NYSE:CCO) Sees Large Volume Increase – Should You Buy?

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw unusually-strong trading volume on Tuesday . Approximately 52,759,965 shares traded hands during mid-day trading, an increase of 717% from the previous session’s volume of 6,458,412 shares.The stock last traded at $2.3950 and had previously closed at $2.40.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CCO shares. Wells Fargo & Company increased their price objective on shares of 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Friday, March 27th. Finally, TD Cowen reiterated a “hold” rating and issued a $2.43 price objective (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Clear Channel Outdoor presently has a consensus rating of “Reduce” and an average price target of $2.29.

Clear Channel Outdoor Stock Performance

The company’s fifty day moving average is $2.39 and its 200-day moving average is $2.26. The company has a market capitalization of $1.22 billion, a PE ratio of -13.36 and a beta of 1.96.

Clear Channel Outdoor (NYSE:CCO) last released its earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The company had revenue of $373.86 million for the quarter, compared to the consensus estimate of $348.71 million. On average, sell-side analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.04 EPS for the current fiscal year.

Insider Transactions at Clear Channel Outdoor

In related news, Director Raymond T. White sold 23,435,796 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $2.40, for a total value of $56,245,910.40. Following the completion of the sale, the director directly owned 187,371 shares of the company’s stock, valued at approximately $449,690.40. This represents a 99.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of institutional investors have recently added to or reduced their stakes in CCO. Captrust Financial Advisors purchased a new stake in Clear Channel Outdoor during the 4th quarter valued at approximately $27,000. EntryPoint Capital LLC purchased a new stake in Clear Channel Outdoor during the 4th quarter valued at approximately $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Clear Channel Outdoor during the 4th quarter valued at approximately $31,000. CTC Alternative Strategies Ltd. purchased a new stake in Clear Channel Outdoor during the 1st quarter valued at approximately $32,000. Finally, Sargent Investment Group LLC purchased a new stake in Clear Channel Outdoor during the 4th quarter valued at approximately $33,000. 85.52% of the stock is 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.