Clear Channel Outdoor Sees Unusually Large Options Volume (NYSE:CCO)

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw some unusual options trading activity on Wednesday. Traders acquired 3,311 call options on the stock. This represents an increase of 418% compared to the average volume of 639 call options.

Analysts Set New Price Targets

Several research firms have issued reports on CCO. Wells Fargo & Company raised their target price on Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 12th. Citigroup increased their price target on Clear Channel Outdoor from $1.35 to $2.10 and gave the stock a “neutral” rating in a report on Wednesday, October 29th. Zacks Research lowered shares of Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Monday, December 29th. Finally, TD Cowen set a $2.50 price target on shares of Clear Channel Outdoor in a research note 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $2.27.

Clear Channel Outdoor Stock Performance

CCO opened at $2.42 on Friday. Clear Channel Outdoor has a one year low of $0.81 and a one year high of $2.42. The stock has a market capitalization of $1.20 billion, a P/E ratio of -241.50 and a beta of 2.31. The business’s 50-day simple moving average is $2.16 and its 200-day simple moving average is $1.77.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Clear Channel Outdoor by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider’s stock valued at $234,000 after acquiring an additional 8,976 shares during the period. Millennium Management LLC lifted its holdings in shares of Clear Channel Outdoor by 22.9% during the first quarter. Millennium Management LLC now owns 4,893,895 shares of the business services provider’s stock worth $5,432,000 after purchasing an additional 912,632 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Clear Channel Outdoor in the 2nd quarter valued at $579,000. Catalyst Funds Management Pty Ltd purchased a new position in Clear Channel Outdoor during the 2nd quarter worth $218,000. Finally, JPMorgan Chase & Co. boosted its holdings 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 valued at $7,927,000 after acquiring an additional 59,366 shares in the last quarter. 85.52% of the stock is currently owned by institutional investors and hedge funds.

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.