Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) Short Interest Update

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) was the target of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 18,388,127 shares, a growth of 35.8% from the February 26th total of 13,543,823 shares. Based on an average trading volume of 11,856,960 shares, the days-to-cover ratio is presently 1.6 days. Currently, 4.0% of the company’s stock are sold short.

Institutional Investors Weigh In On Clear Channel Outdoor

A number of institutional investors have recently added to or reduced their stakes in CCO. Anson Funds Management LP increased its position in shares of Clear Channel Outdoor by 8.8% during the fourth quarter. Anson Funds Management LP now owns 19,842,452 shares of the business services provider’s stock valued at $43,852,000 after purchasing an additional 1,604,125 shares during the period. Gamco Investors INC. ET AL lifted its position in Clear Channel Outdoor by 10.6% in the fourth quarter. Gamco Investors INC. ET AL now owns 8,126,375 shares of the business services provider’s stock worth $17,959,000 after purchasing an additional 776,500 shares during the period. JPMorgan Chase & Co. boosted its stake in Clear Channel Outdoor by 3.9% during the fourth quarter. JPMorgan Chase & Co. now owns 6,998,595 shares of the business services provider’s stock worth $15,467,000 after buying an additional 260,716 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Clear Channel Outdoor by 12.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,389,630 shares of the business services provider’s stock worth $11,911,000 after buying an additional 582,007 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Clear Channel Outdoor by 22.9% in the 1st quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock valued at $5,432,000 after buying an additional 912,632 shares during the period. 85.52% of the stock is owned by institutional investors and hedge funds.

Clear Channel Outdoor Price Performance

Shares of Clear Channel Outdoor stock traded down $0.02 during midday trading on Friday, hitting $2.36. The company had a trading volume of 19,423,405 shares, compared to its average volume of 9,796,274. Clear Channel Outdoor has a 1-year low of $0.81 and a 1-year high of $2.43. The business’s 50 day simple moving average is $2.30 and its two-hundred day simple moving average is $1.99. The stock has a market cap of $1.17 billion, a PE ratio of 47.11 and a beta of 2.30.

Clear Channel Outdoor (NYSE:CCO) last released its earnings results on Thursday, February 26th. The business services provider reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $461.52 million for the quarter, compared to analyst estimates of $449.10 million.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CCO. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Monday, December 29th. Wells Fargo & Company lifted their target price on shares of Clear Channel Outdoor from $2.00 to $2.43 and gave the stock an “equal weight” rating in a report on Friday, February 27th. Finally, TD Cowen set a $2.50 price target on shares of Clear Channel Outdoor in a report on Tuesday, February 10th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $2.31.

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.