Clear Channel Outdoor (NYSE:CCO) Shares Gap Up to $1.47

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $1.47, but opened at $1.50. Clear Channel Outdoor shares last traded at $1.45, with a volume of 226,272 shares traded.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CCO shares. StockNews.com raised shares of Clear Channel Outdoor from a "sell" rating to a "hold" rating in a research note on Friday, February 16th. Barrington Research reissued an "outperform" rating and set a $2.50 price objective on shares of Clear Channel Outdoor in a research note on Tuesday, February 27th. Wells Fargo & Company raised shares of Clear Channel Outdoor from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $1.50 to $2.75 in a research note on Wednesday, December 20th. Finally, Morgan Stanley lifted their target price on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 28th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $2.16.

Clear Channel Outdoor Trading Down 1.4 %

The stock has a market capitalization of $701.39 million, a PE ratio of -2.23 and a beta of 2.88. The company's 50 day simple moving average is $1.68 and its 200 day simple moving average is $1.55.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its earnings results on Monday, February 26th. The business services provider reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The firm had revenue of $632.11 million during the quarter, compared to analysts' expectations of $611.62 million. During the same period in the previous year, the firm posted $0.24 earnings per share. As a group, analysts predict that Clear Channel Outdoor Holdings, Inc. will post -0.24 EPS for the current year.

Hedge Funds Weigh In On Clear Channel Outdoor

Hedge funds have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC acquired a new position in shares of Clear Channel Outdoor in the 1st quarter valued at $35,000. Optas LLC acquired a new position in shares of Clear Channel Outdoor in the 3rd quarter valued at $27,000. Covestor Ltd boosted its holdings in shares of Clear Channel Outdoor by 12,212.4% in the 1st quarter. Covestor Ltd now owns 20,931 shares of the business services provider's stock valued at $72,000 after purchasing an additional 20,761 shares during the last quarter. Parallax Volatility Advisers L.P. acquired a new position in shares of Clear Channel Outdoor in the 3rd quarter valued at $30,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Clear Channel Outdoor in the 3rd quarter valued at $42,000. Institutional investors and hedge funds own 85.52% of the company's stock.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.