Clear Channel Outdoor (NYSE:CCO) Stock Crosses Above 200-Day Moving Average – Time to Sell?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares passed 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 Analyst Weigh In

CCO has been the subject of several research analyst reports. TD Cowen reaffirmed a “hold” rating and set a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a research report on Monday, April 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Clear Channel Outdoor in a report on Wednesday, June 24th. Four investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $2.29.

Clear Channel Outdoor Price Performance

The stock has a market cap of $1.23 billion, a PE ratio of -13.42 and a beta of 1.95. The stock has a 50-day simple moving average of $2.40 and a 200-day simple moving average of $2.34.

Clear Channel Outdoor (NYSE:CCO) last released its quarterly earnings data 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 firm had revenue of $373.86 million during the quarter, compared to the consensus estimate of $348.71 million. As a group, equities research analysts anticipate that Clear Channel Outdoor Holdings, Inc. will post -0.06 EPS for the current year.

Insider Transactions at Clear Channel Outdoor

In related news, Director Raymond T. White sold 2,500,900 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $2.40, for a total value of $6,002,160.00. Following the transaction, the director owned 91,003 shares in the company, valued at approximately $218,407.20. This trade represents a 96.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 26,239,967 shares of company stock worth $62,975,921. 7.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Clear Channel Outdoor

Several large investors have recently made changes to their positions in the business. Anson Funds Management LP raised its stake in shares of Clear Channel Outdoor by 8.8% in the 4th quarter. Anson Funds Management LP now owns 19,842,452 shares of the business services provider’s stock valued at $43,852,000 after acquiring an additional 1,604,125 shares during the period. Gamco Investors INC. ET AL boosted its position in Clear Channel Outdoor by 11.8% during the 1st quarter. Gamco Investors INC. ET AL now owns 9,085,775 shares of the business services provider’s stock worth $21,533,000 after purchasing an additional 959,400 shares during the period. JPMorgan Chase & Co. boosted its position in Clear Channel Outdoor by 3.9% during the 4th quarter. JPMorgan Chase & Co. now owns 6,998,595 shares of the business services provider’s stock worth $15,467,000 after purchasing an additional 260,716 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Clear Channel Outdoor by 12.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,389,630 shares of the business services provider’s stock valued at $11,911,000 after purchasing 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 purchasing an additional 912,632 shares in the last quarter. 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.