Clear Channel Outdoor (NYSE:CCO) Shares Gap Down – Here’s What Happened

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) gapped down prior to trading on Thursday . The stock had previously closed at $1.40, but opened at $1.34. Clear Channel Outdoor shares last traded at $1.40, with a volume of 215,445 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CCO. Barrington Research restated an “outperform” rating and set a $2.50 price target on shares of Clear Channel Outdoor in a report on Thursday, October 31st. TD Cowen reduced their target price on Clear Channel Outdoor from $2.60 to $2.40 and set a “buy” rating on the stock in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.16.

Clear Channel Outdoor Stock Performance

The firm has a market capitalization of $692.05 million, a P/E ratio of -4.88 and a beta of 3.04. The firm has a 50-day moving average of $1.48 and a 200-day moving average of $1.53.

Insider Activity at Clear Channel Outdoor

In other news, major shareholder Arturo R. Moreno purchased 250,000 shares of the stock in a transaction dated Monday, November 4th. The shares were purchased at an average cost of $1.45 per share, with a total value of $362,500.00. Following the acquisition, the insider now directly owns 52,182,534 shares of the company’s stock, valued at $75,664,674.30. This represents a 0.48 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds and other institutional investors have recently modified their holdings of the company. Crewe Advisors LLC bought a new position in Clear Channel Outdoor in the 3rd quarter worth $32,000. Ground Swell Capital LLC bought a new position in Clear Channel Outdoor in the 3rd quarter worth $34,000. CarsonAllaria Wealth Management Ltd. bought a new position in Clear Channel Outdoor in the 3rd quarter worth $34,000. Stratos Wealth Advisors LLC purchased a new stake in Clear Channel Outdoor in the 3rd quarter worth $40,000. Finally, Point72 DIFC Ltd purchased a new stake in Clear Channel Outdoor in the 2nd quarter worth $55,000. 85.52% of the stock is owned by institutional investors.

Clear Channel Outdoor Company Profile

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.