Clear Channel Outdoor Sees Unusually High Options Volume (NYSE:CCO)

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) saw some unusual options trading activity on Wednesday. Stock traders bought 3,311 call options on the company. This represents an increase of 418% compared to the typical volume of 639 call options.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CCO. Wall Street Zen cut shares of Clear Channel Outdoor from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Morgan Stanley set a $2.00 price objective on Clear Channel Outdoor in a report on Monday, November 10th. Zacks Research downgraded shares of Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 13th. Wells Fargo & Company boosted their price target on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 12th. Finally, Citigroup upped their price objective on Clear Channel Outdoor from $1.35 to $2.10 and gave the stock a “neutral” rating in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Clear Channel Outdoor has an average rating of “Reduce” and a consensus price target of $2.27.

Clear Channel Outdoor Stock Up 0.6%

Shares of CCO traded up $0.02 during trading hours on Wednesday, hitting $2.40. The company had a trading volume of 7,582,599 shares, compared to its average volume of 5,216,650. The firm has a market cap of $1.19 billion, a P/E ratio of -239.50 and a beta of 2.31. Clear Channel Outdoor has a 52-week low of $0.81 and a 52-week high of $2.41. The stock’s 50 day moving average price is $2.15 and its 200 day moving average price is $1.76.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CCO. Ieq Capital LLC grew its holdings in Clear Channel Outdoor by 8.3% in the 4th quarter. Ieq Capital LLC now owns 58,889 shares of the business services provider’s stock worth $130,000 after acquiring an additional 4,493 shares during the last quarter. CWM LLC lifted its holdings in Clear Channel Outdoor by 97.9% in the 3rd quarter. CWM LLC now owns 16,675 shares of the business services provider’s stock worth $26,000 after buying an additional 8,248 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Clear Channel Outdoor by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 211,124 shares of the business services provider’s stock valued at $234,000 after buying an additional 8,976 shares during the period. SG Americas Securities LLC increased its position in Clear Channel Outdoor by 61.8% during the 4th quarter. SG Americas Securities LLC now owns 23,618 shares of the business services provider’s stock valued at $52,000 after purchasing an additional 9,019 shares during the period. Finally, Advisors Capital Management LLC raised its holdings in Clear Channel Outdoor by 91.7% in the 3rd quarter. Advisors Capital Management LLC now owns 23,000 shares of the business services provider’s stock worth $36,000 after purchasing an additional 11,000 shares in the last quarter. 85.52% of the stock is owned by hedge funds and other institutional investors.

About Clear Channel Outdoor

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.