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 trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CCO. TD Cowen lowered their price target on Clear Channel Outdoor from $2.60 to $2.40 and set a “buy” rating on the stock in a research note on Friday, November 1st. Barrington Research reissued an “outperform” rating and set a $2.50 price objective on shares of Clear Channel Outdoor in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Clear Channel Outdoor presently has a consensus rating of “Hold” and a consensus target price of $2.16.

Clear Channel Outdoor Price Performance

The stock’s 50 day moving average is $1.48 and its two-hundred day moving average is $1.53.

Insiders Place Their Bets

In related news, major shareholder Arturo R. Moreno acquired 250,000 shares of the business’s stock in a transaction on Monday, November 4th. The stock was bought at an average cost of $1.45 per share, with a total value of $362,500.00. Following the completion of the acquisition, the insider now owns 52,182,534 shares in the company, valued at $75,664,674.30. The trade was a 0.48 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.53% of the company’s stock.

Institutional Investors Weigh In On Clear Channel Outdoor

Institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC increased its position in shares of Clear Channel Outdoor by 44.0% during the 2nd quarter. Millennium Management LLC now owns 7,332,360 shares of the business services provider’s stock worth $10,339,000 after purchasing an additional 2,242,205 shares in the last quarter. Cerity Partners LLC bought a new stake in Clear Channel Outdoor during the third quarter worth about $1,730,000. Marshall Wace LLP bought a new stake in Clear Channel Outdoor during the second quarter worth about $671,000. Squarepoint Ops LLC acquired a new stake in shares of Clear Channel Outdoor during the second quarter worth approximately $617,000. Finally, Jane Street Group LLC boosted its holdings in shares of Clear Channel Outdoor by 56.7% in the 3rd quarter. Jane Street Group LLC now owns 1,116,893 shares of the business services provider’s stock worth $1,787,000 after acquiring an additional 404,082 shares in the last quarter. Institutional investors and hedge funds own 85.52% of the company’s stock.

About Clear Channel Outdoor

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.