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

Key Points

• Clear Channel Outdoor shares rose above their 200-day moving average, trading as high as $2.42 and last changing hands near $2.405, signaling a short-term technical lift.
• Analyst sentiment remains cautious: Weiss Ratings reiterated a sell rating, TD Cowen kept a hold rating with a $2.43 price target, and the overall consensus is a Reduce with a $2.29 target.
• The company recently missed EPS estimates but beat revenue expectations, while insider selling has been heavy, including a large sale by Director Raymond T. White and more than $62 million in insider stock sales over the last 90 days.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) passed 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.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Clear Channel Outdoor in a research report on Wednesday, June 24th. TD Cowen reiterated a "hold" rating and issued a $2.43 price target (down from $2.50) on shares of Clear Channel Outdoor in a report on Monday, April 6th. Five equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $2.29.

Clear Channel Outdoor Price Performance

The stock has a market capitalization of $1.22 billion, a P/E ratio of -13.36 and a beta of 1.95. The business's 50 day simple moving average is $2.40 and its 200-day simple moving average is $2.33.

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

Insider Activity at Clear Channel Outdoor

In related news, Director Raymond T. White sold 2,500,900 shares of Clear Channel Outdoor stock in a transaction on Monday, June 15th. The stock was sold at an average price of $2.40, for a total transaction of $6,002,160.00. Following the completion of the sale, the director directly owned 91,003 shares of the company's stock, valued at $218,407.20. The trade was a 96.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 26,239,967 shares of company stock worth $62,975,921 over the last ninety days. 7.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds have recently added to or reduced their stakes in the stock. Benefit Street Partners LLC bought a new stake in shares of Clear Channel Outdoor in the 4th quarter valued at $3,310,000. Polar Asset Management Partners Inc. bought a new position in Clear Channel Outdoor during the third quarter worth about $948,000. Man Investment Partners US LP bought a new position in Clear Channel Outdoor during the fourth quarter worth about $4,612,000. Sentinel Dome Partners LLC acquired a new position in Clear Channel Outdoor in the fourth quarter valued at about $3,470,000. Finally, Gamco Investors INC. ET AL grew its stake in Clear Channel Outdoor by 10.6% in the fourth quarter. Gamco Investors INC. ET AL now owns 8,126,375 shares of the business services provider's stock valued at $17,959,000 after acquiring an additional 776,500 shares during the period. 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.

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