Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Clear Channel Outdoor Holdings Inc. shares valued at $886,557 were sold by PACIFIC INVESTMENT MANAGEMENT on May 31. At $1.58 per share, PACIFIC INVESTMENT MANAGEMENT sold 561,112 shares. The insider’s holdings dropped to 104,872,541 shares worth approximately $148.92 million following the completion of this transaction.
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Also, HAMMITT LISA sold 68,207 shares, netting a total of over 253,730 in proceeds. Following the sale of shares at $3.72 each, the insider now holds 167,551 shares.
Before that, PACIFIC INVESTMENT MANAGEMENT had sold 61,793 shares from its account. In a trade valued at $203,917, the 10% Owner traded Clear Channel Outdoor Holdings Inc. shares for $3.30 each. Upon closing the transaction, the insider’s holdings decreased to 61,793 shares, worth approximately $149.72 million.
As published in a research note from Wells Fargo on July 08, 2022, Clear Channel Outdoor Holdings Inc. [CCO] has been rated down from an Overweight to an Equal weight and the price target has been revised to $1.50 from $4. This represents a 5.33% premium over Thursday’s closing price. Analysts at Barrington Research upgraded the stock from ‘”a Mkt perform”‘ to ‘”an Outperform”‘ outlook in a report released in mid November. As of January 05, 2021, Citigroup has decreased its “Buy” rating to a “Neutral” for CCO. Earlier on November 02, 2020, Morgan Stanley initiated its rating. Their recommendation was “an Equal-weight” for CCO stock.
Analyzing CCO’s Price Performance
On Thursday, Clear Channel Outdoor Holdings Inc. [NYSE: CCO] plunged -9.55% to $1.42. The stock’s lowest price that day was $1.41, but it reached a high of $1.59 in the same session. During the last five days, there has been a drop of approximately -24.06%. Over the course of the year, Clear Channel Outdoor Holdings Inc. shares have dropped approximately -57.10%. Shares of the company reached a 52-week high of $4.1000 on 02/25/22 and a 52-week low of $0.9069 on 07/12/22. A 50-day SMA is recorded $1.5930, while a 200-day SMA reached $2.4376. Nevertheless, trading volume fell to 1.77 million shares from 2.12 million shares the previous day.
Support And Resistance Levels for Clear Channel Outdoor Holdings Inc. (CCO)
According to the 24-hour chart, there is a support level at 1.3567, which, if violated, would cause prices to drop to 1.2933. In the upper region, resistance lies at 1.5367. The next price resistance is at 1.6533. RSI (Relative Strength Index) is 37.48 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.1457, which suggests the price will decrease in the coming days. Percent R is at 98.26%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Clear Channel Outdoor Holdings Inc. subject to short interest?
Stocks of Clear Channel Outdoor Holdings Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 2.96 million shares to 28.39 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 25.43 million shares. A jump of 10.43% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 8.53 of the overall float, the days-to-cover ratio (short ratio) jumped to 8.53.
Which companies own the most shares of Clear Channel Outdoor Holdings Inc. (CCO)?
According to Pacific Investment Management Co filings, the company currently owns 104,872,541 shares, which is about 22.03% of the total CCO shares outstanding. The investor’s shares have plunged by -561,112 from its previous 13-F filing of 105433653.0 shares. With the completion of the buy transaction, Ares Management LLC’s stake is now worth $71,074,528. The Vanguard Group, Inc. acquire a 10.00% interest valued at $65.25 million while BlackRock Fund Advisors purchased a 50,672 stake. A total of 0 shares of Clear Channel Outdoor Holdings Inc. were bought by Mason Capital Management LLC during the quarter, and 4,124,957 were bought by Legion Partners Asset Management. In its current portfolio, Rubric Capital Management LP holds 17,391,427 shares valued at $27.83 million.
In terms of Clear Channel Outdoor Holdings Inc. share price expectations, FactSet research, analysts set an average price target of $2.38 in the next 12 months, up nearly 27.39% from the previous closing price of $1.57. Analysts anticipate Clear Channel Outdoor Holdings Inc. stock to reach $3.50 by 2022, with the lowest price target being $1.50. In spite of this, 6 analysts ranked Clear Channel Outdoor Holdings Inc. stock as a Hold at the end of 2022.