Clear Channel Outdoor (NYSE:CCO) Shares Gap Down – Here’s What Happened

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) gapped down before the market opened on Thursday . The stock had previously closed at $1.40, but opened at $1.34. Clear Channel Outdoor shares last traded at $1.40, with a volume of 215,445 shares.

Analysts Set New Price Targets

A number of research firms recently weighed in on CCO. TD Cowen dropped their price target 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. Barrington Research reissued an “outperform” rating and issued a $2.50 price objective on shares of Clear Channel Outdoor in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $2.16.

Clear Channel Outdoor Stock Up 1.1 %

The stock has a 50-day moving average of $1.48 and a 200 day moving average of $1.53. The company has a market capitalization of $692.05 million, a PE ratio of -4.88 and a beta of 3.04.

Insider Activity

In other Clear Channel Outdoor news, major shareholder Arturo R. Moreno acquired 250,000 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was bought at an average cost of $1.45 per share, with a total value of $362,500.00. Following the acquisition, the insider now owns 52,182,534 shares in the company, valued at approximately $75,664,674.30. This represents a 0.48 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.53% of the company’s stock.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds have recently made changes to their positions in CCO. Crewe Advisors LLC purchased a new position in shares of Clear Channel Outdoor in the third quarter valued at $32,000. CarsonAllaria Wealth Management Ltd. purchased a new position in Clear Channel Outdoor during the third quarter worth about $34,000. Ground Swell Capital LLC purchased a new position in Clear Channel Outdoor during the third quarter worth about $34,000. Stratos Wealth Advisors LLC purchased a new position in Clear Channel Outdoor during the third quarter worth about $40,000. Finally, Point72 DIFC Ltd bought a new stake in Clear Channel Outdoor during the second quarter worth about $55,000. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

Clear Channel Outdoor Company Profile

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.