Clear Channel Outdoor (NYSE:CCO) Shares Pass Above 200 Day Moving Average – Here’s Why

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.33 and traded as high as $2.42. Clear Channel Outdoor shares last traded at $2.4050, with a volume of 3,713,712 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CCO shares. TD Cowen reissued a “hold” rating and set a $2.43 target price (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Wednesday, June 24th. Five equities research 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.com, Clear Channel Outdoor currently has a consensus rating of “Reduce” and a consensus price target of $2.29.

Clear Channel Outdoor Trading Down 0.2%

The stock’s 50 day moving average is $2.40 and its two-hundred day moving average is $2.33. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -13.36 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly 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 business had revenue of $373.86 million during the quarter, compared to analysts’ expectations of $348.71 million. On average, research analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.06 earnings per share for the current year.

Insider Activity

In related news, Director Raymond T. White sold 23,435,796 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total transaction of $56,245,910.40. Following the completion of the transaction, the director directly owned 187,371 shares in the company, valued at approximately $449,690.40. This trade represents a 99.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 26,239,967 shares of company stock worth $62,975,921 in the last ninety days. 7.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Clear Channel Outdoor

Several institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Clear Channel Outdoor by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider’s stock worth $234,000 after acquiring an additional 8,976 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Clear Channel Outdoor by 22.9% in the first quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock valued at $5,432,000 after purchasing an additional 912,632 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Clear Channel Outdoor by 0.9% in the second quarter. JPMorgan Chase & Co. now owns 6,775,078 shares of the business services provider’s stock worth $7,927,000 after purchasing an additional 59,366 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Clear Channel Outdoor by 2.7% in the second quarter. Russell Investments Group Ltd. now owns 561,802 shares of the business services provider’s stock worth $657,000 after purchasing an additional 14,855 shares in the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Clear Channel Outdoor in the second quarter worth $587,000. Institutional investors own 85.52% of the company’s stock.

Clear Channel Outdoor Company Profile

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.