Clear Channel Outdoor (NYSE:CCO) Sees Unusually-High Trading Volume – Time to Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw strong trading volume on Friday . 10,215,443 shares traded hands during trading, an increase of 40% from the previous session’s volume of 7,293,599 shares.The stock last traded at $2.3550 and had previously closed at $2.37.

Analyst Upgrades and Downgrades

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

Clear Channel Outdoor Stock Performance

The company’s 50 day simple moving average is $2.30 and its 200-day simple moving average is $1.99. The firm has a market capitalization of $1.17 billion, a PE ratio of 47.11 and a beta of 2.30.

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

Hedge Funds Weigh In On Clear Channel Outdoor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ieq Capital LLC increased its holdings in shares of Clear Channel Outdoor by 8.3% in the fourth quarter. Ieq Capital LLC now owns 58,889 shares of the business services provider’s stock worth $130,000 after buying an additional 4,493 shares during the period. CWM LLC boosted its holdings in Clear Channel Outdoor by 97.9% during the 3rd quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 8,248 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 during the last quarter. SG Americas Securities LLC grew its position in Clear Channel Outdoor by 61.8% during the 4th quarter. SG Americas Securities LLC now owns 23,618 shares of the business services provider’s stock worth $52,000 after acquiring an additional 9,019 shares during the last quarter. Finally, Advisors Capital Management LLC increased its stake in Clear Channel Outdoor by 91.7% in the 3rd quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider’s stock worth $36,000 after purchasing an additional 11,000 shares during the period. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

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.