Clear Channel Outdoor (NYSE:CCO) Stock Crosses Above 200-Day Moving Average – Time to Sell?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.31 and traded as high as $2.42. Clear Channel Outdoor shares last traded at $2.4050, with a volume of 7,980,646 shares.

Wall Street Analysts Forecast Growth

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

Clear Channel Outdoor Stock Performance

The business has a fifty day moving average price of $2.40 and a 200 day moving average price of $2.31. The company has a market capitalization of $1.22 billion, a PE ratio of -13.36 and a beta of 1.95.

Clear Channel Outdoor (NYSE:CCO) last issued its earnings results on Tuesday, May 5th. The business services provider reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The firm had revenue of $373.86 million during the quarter, compared to analyst estimates of $348.71 million. Research analysts forecast that Clear Channel Outdoor Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Raymond T. White sold 2,500,900 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $2.40, for a total value of $6,002,160.00. Following the completion of the sale, the director owned 91,003 shares of the company’s stock, valued at $218,407.20. This represents a 96.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 26,239,967 shares of company stock valued at $62,975,921 over the last ninety days. 7.70% of the stock is owned by corporate insiders.

Institutional Trading of Clear Channel Outdoor

Institutional investors have recently added to or reduced their stakes in the business. Carmignac Gestion acquired a new stake in Clear Channel Outdoor in the 1st quarter valued at $139,000. CTC Alternative Strategies Ltd. acquired a new position in shares of Clear Channel Outdoor during the first quarter worth about $32,000. Groupe la Francaise purchased a new stake in shares of Clear Channel Outdoor in the first quarter worth about $3,014,000. Bank of America Corp DE boosted its position in shares of Clear Channel Outdoor by 94.4% in the first quarter. Bank of America Corp DE now owns 905,024 shares of the business services provider’s stock worth $2,145,000 after buying an additional 439,481 shares during the period. Finally, Amundi grew its stake in shares of Clear Channel Outdoor by 171.4% in the first quarter. Amundi now owns 44,297 shares of the business services provider’s stock valued at $105,000 after buying an additional 27,978 shares in the last quarter. 85.52% of the stock is owned by hedge funds and other institutional investors.

Clear Channel Outdoor Company Profile

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.