Clear Channel Outdoor (NYSE:CCO) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.34 and traded as high as $2.42. Clear Channel Outdoor shares last traded at $2.4150, with a volume of 2,235,810 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CCO. 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 report on Monday, April 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Wednesday, June 24th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $2.29.

Clear Channel Outdoor Trading Up 0.2%

The firm has a market capitalization of $1.23 billion, a P/E ratio of -13.42 and a beta of 1.95. The company has a 50-day moving average of $2.40 and a 200-day moving average of $2.34.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings results on Tuesday, May 5th. The business services provider reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The business had revenue of $373.86 million during the quarter, compared to analysts’ expectations of $348.71 million. Research analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.06 EPS for the current year.

Insider Buying and Selling

In other Clear Channel Outdoor news, Director Raymond T. White sold 2,500,900 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the completion of the sale, the director owned 91,003 shares of the company’s stock, valued at approximately $218,407.20. This represents a 96.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 26,239,967 shares of company stock valued at $62,975,921 in the last quarter. Corporate insiders own 7.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Captrust Financial Advisors acquired a new stake in shares of Clear Channel Outdoor during the fourth quarter worth $27,000. EntryPoint Capital LLC acquired a new position in Clear Channel Outdoor in the fourth quarter valued at $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Clear Channel Outdoor in the fourth quarter valued at $31,000. CTC Alternative Strategies Ltd. bought a new stake in Clear Channel Outdoor during the first quarter valued at $32,000. Finally, Sargent Investment Group LLC bought a new stake in Clear Channel Outdoor during the fourth quarter valued at $33,000. Institutional investors and hedge funds own 85.52% of the company’s stock.

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.