Clear Channel Outdoor (NYSE:CCO) Reaches New 52-Week High - Here's What Happened

Key Points

• Clear Channel Outdoor shares reached a new 52-week high of $2.45 during Wednesday trading, closing near $2.4250. The stock has a market capitalization of approximately $1.23 billion.
• Weiss Ratings upgraded the company from “sell (d+)” to “hold (c-),” while all five tracked analysts maintain Hold ratings. The consensus price target is $2.24, below the recent trading level.
• Clear Channel reported quarterly revenue of $438.04 million, exceeding estimates of $423.62 million, while EPS of a $0.01 loss matched expectations. Institutional investors and hedge funds own 85.52% of the stock.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday. The company traded as high as $2.45 and last traded at $2.4250, with a volume of 14,956 shares. The stock had previously closed at $2.43.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Clear Channel Outdoor from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday. Five equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $2.24.

Clear Channel Outdoor Stock Down 0.2%

The firm has a 50 day moving average of $2.38 and a 200 day moving average of $2.39. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -11.55 and a beta of 2.01.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The business services provider reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $438.04 million for the quarter, compared to analyst estimates of $423.62 million. Equities analysts expect that Clear Channel Outdoor Holdings, Inc. will post -0.05 EPS for the current year.

Hedge Funds Weigh In On Clear Channel Outdoor

Several institutional investors have recently made changes to their positions in CCO. Quantbot Technologies LP bought a new stake in Clear Channel Outdoor during the 2nd quarter valued at $33,000. CTC Alternative Strategies Ltd. purchased a new stake in shares of Clear Channel Outdoor in the first quarter valued at about $32,000. Transmarket Holdings LP purchased a new stake in Clear Channel Outdoor in the 1st quarter valued at about $36,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Clear Channel Outdoor in the 2nd quarter worth approximately $39,000. Finally, Rangeley Capital LLC purchased a new position in shares of Clear Channel Outdoor in the 1st quarter worth approximately $44,000. Institutional investors and hedge funds own 85.52% of the company's stock.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc is an outdoor advertising company that provides brands and agencies with advertising space across physical and digital media formats. Its portfolio includes traditional and digital billboards, street furniture, transit displays, airport advertising, and other out-of-home media assets.

The company sells advertising inventory in high-traffic locations, including roadside corridors, urban centers, transportation hubs, and airports. Its digital displays allow advertisers to deliver flexible, time-sensitive campaigns, while its traditional displays support longer-term brand and local advertising initiatives.

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