Clear Channel Outdoor (NYSE:CCO) Shares Gap Down - What's Next?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO - Get Free Report) gapped down before the market opened 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 Analysts Forecast Growth

Several equities research analysts have commented on the stock. TD Cowen lowered their target price on shares of Clear Channel Outdoor from $2.60 to $2.40 and set a "buy" rating for the company in a research note on Friday, November 1st. Barrington Research restated an "outperform" rating and issued a $2.50 price objective on shares of Clear Channel Outdoor in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $2.16.

Clear Channel Outdoor Stock Performance

The stock has a market capitalization of $701.83 million, a price-to-earnings ratio of -4.95 and a beta of 3.04. The firm's fifty day simple moving average is $1.48 and its 200 day simple moving average is $1.53.

Insider Buying and Selling

In other news, major shareholder Arturo R. Moreno bought 250,000 shares of the company's stock in a transaction that occurred on Monday, November 4th. The shares were acquired at an average price of $1.45 per share, with a total value of $362,500.00. Following the transaction, the insider now owns 52,182,534 shares in the company, valued at $75,664,674.30. This represents a 0.48 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.53% of the company's stock.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds have recently made changes to their positions in the business. XTX Topco Ltd raised its holdings in Clear Channel Outdoor by 28.4% during the second quarter. XTX Topco Ltd now owns 81,188 shares of the business services provider's stock worth $114,000 after acquiring an additional 17,957 shares in the last quarter. Crewe Advisors LLC acquired a new position in shares of Clear Channel Outdoor during the 3rd quarter worth approximately $32,000. Ground Swell Capital LLC bought a new stake in shares of Clear Channel Outdoor during the 3rd quarter worth approximately $34,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Clear Channel Outdoor in the 3rd quarter valued at approximately $34,000. Finally, Stratos Wealth Advisors LLC bought a new position in shares of Clear Channel Outdoor in the third quarter valued at $40,000. 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.