Clear Channel Outdoor (NYSE:CCO) Shares Gap Up – Still a Buy?

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares gapped up before the market opened on Tuesday . The stock had previously closed at $1.24, but opened at $1.34. Clear Channel Outdoor shares last traded at $1.24, with a volume of 182,718 shares.

Analysts Set New Price Targets

Separately, Barrington Research reaffirmed an “outperform” rating and set a $2.50 target price on shares of Clear Channel Outdoor in a report on Monday, February 24th.

Clear Channel Outdoor Trading Up 2.0 %

The stock has a market capitalization of $619.92 million, a P/E ratio of -4.36 and a beta of 3.03. The company’s fifty day simple moving average is $1.39 and its 200 day simple moving average is $1.49.

Hedge Funds Weigh In On Clear Channel Outdoor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Diameter Capital Partners LP grew its holdings in shares of Clear Channel Outdoor by 2,210.5% during the fourth quarter. Diameter Capital Partners LP now owns 10,104,095 shares of the business services provider’s stock worth $13,843,000 after purchasing an additional 9,666,788 shares in the last quarter. Cerity Partners LLC bought a new stake in shares of Clear Channel Outdoor during the 3rd quarter worth $1,730,000. Shenkman Capital Management Inc. grew its position in Clear Channel Outdoor by 34.0% in the fourth quarter. Shenkman Capital Management Inc. now owns 2,954,589 shares of the business services provider’s stock worth $4,048,000 after acquiring an additional 750,000 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Clear Channel Outdoor by 9.0% in the fourth quarter. JPMorgan Chase & Co. now owns 7,371,308 shares of the business services provider’s stock valued at $10,099,000 after acquiring an additional 610,110 shares during the last quarter. Finally, State of Wyoming lifted its stake in Clear Channel Outdoor by 39.3% during the fourth quarter. State of Wyoming now owns 1,594,464 shares of the business services provider’s stock worth $2,184,000 after purchasing an additional 450,000 shares during the last quarter. 85.52% of the stock is currently owned by hedge funds and other institutional investors.

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.