Clear Channel Outdoor (NYSE:CCO) Sets New 12-Month High - Here's What Happened

Key Points

• Clear Channel Outdoor shares reached a new 52-week high of $2.44 and last traded near $2.43, with approximately 8.3 million shares changing hands.
• Analyst sentiment remains cautious: the stock has an average rating of “Reduce” and a consensus price target of $2.24, despite Weiss Ratings upgrading its rating from “sell (d-)” to “sell (d+).”
• Clear Channel reported quarterly revenue of $438.04 million, exceeding expectations of $423.62 million, while matching the consensus EPS loss estimate of $0.01; institutional investors own 85.52% of the stock.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) shares hit a new 52-week high during trading on Thursday. The stock traded as high as $2.44 and last traded at $2.4250, with a volume of 8276840 shares traded. The stock had previously closed at $2.40.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Clear Channel Outdoor from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Thursday, August 6th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $2.24.

Clear Channel Outdoor Stock Performance

The firm has a market cap of $1.23 billion, a PE ratio of -11.55 and a beta of 2.01. The stock's fifty day moving average price is $2.38 and its 200-day moving average price is $2.39.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The business services provider reported ($0.01) EPS for the quarter, hitting analysts' consensus estimates of ($0.01). The firm had revenue of $438.04 million for the quarter, compared to analysts' expectations of $423.62 million. Sell-side analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.05 earnings per share for the current fiscal year.

Institutional Trading of Clear Channel Outdoor

A number of hedge funds have recently made changes to their positions in CCO. Quantbot Technologies LP bought a new position in Clear Channel Outdoor in the 2nd quarter worth approximately $33,000. CTC Alternative Strategies Ltd. bought a new position in Clear Channel Outdoor in the first quarter valued at about $32,000. Transmarket Holdings LP bought a new position in Clear Channel Outdoor in the first quarter valued at about $36,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Clear Channel Outdoor in the second quarter worth about $39,000. Finally, Rangeley Capital LLC bought a new stake in shares of Clear Channel Outdoor during the first quarter worth approximately $44,000. 85.52% of the stock is owned by hedge funds and other institutional investors.

Clear Channel Outdoor Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.