Clear Channel Outdoor (NYSE:CCO) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Trading volume surged 12% to approximately 7.9 million shares, while Clear Channel Outdoor’s stock was nearly flat at $2.415.
• Analysts remain cautious: the consensus rating is “Reduce”, with four Holds and two Sells and an average price target of $2.29—below the current price.
• The company missed quarterly EPS expectations and insiders sold about 26.2 million shares worth $63 million over the past three months, adding to investor concerns.

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 7,911,135 shares were traded during trading, an increase of 12% from the previous session's volume of 7,038,609 shares.The stock last traded at $2.4150 and had previously closed at $2.42.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CCO. TD Cowen reiterated a "hold" rating and set a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a research note on Monday, April 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of Clear Channel Outdoor in a research note on Wednesday, June 24th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Clear Channel Outdoor presently has a consensus rating of "Reduce" and an average price target of $2.29.

Clear Channel Outdoor Trading Down 0.2%

The business's fifty day moving average is $2.41 and its 200 day moving average is $2.35. The company has a market cap of $1.23 billion, a P/E ratio of -13.42 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.01). The business had revenue of $373.86 million during the quarter, compared to analyst estimates of $348.71 million. As a group, research analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Clear Channel Outdoor news, Director Raymond T. White sold 23,435,796 shares of the company's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $2.40, for a total value of $56,245,910.40. Following the transaction, the director directly owned 187,371 shares in the company, valued at $449,690.40. This represents a 99.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 26,239,967 shares of company stock worth $62,975,921 in the last three months. 7.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors purchased a new position in shares of Clear Channel Outdoor during the 4th quarter valued at about $27,000. EntryPoint Capital LLC purchased a new stake in Clear Channel Outdoor in the fourth quarter worth approximately $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Clear Channel Outdoor during the fourth quarter valued at approximately $31,000. CTC Alternative Strategies Ltd. purchased a new position in shares of Clear Channel Outdoor during the first quarter worth approximately $32,000. Finally, Sargent Investment Group LLC purchased a new position in shares of Clear Channel Outdoor during the fourth quarter worth approximately $33,000. Institutional investors 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.

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