The stock of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is now priced at $1.17 and the shares are -0.06 points down or -4.88% lower compared to its previous closing price of $1.23. The stock had 1.16 million contracts set over the past session. CCO shares’ daily volume is compared to its average trading volume at 2.673 million shares. However, it has a float of 463 million and although its performance was 6.36% over the week, it’s one to watch. Analysts have given the CCO stock a yearly average price target of $1.59 per share. It means the stock’s upside potential is 35.9% with the CCO share price recently placing at $1.17 to $1.26. However, some brokerage firms have priced the stock below the average, including one that has called $1.
The shorts are running away from the Clear Channel Outdoor Holdings, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CCO shares have declined. Short interest in the stock represents just 3.51% of its float, but the volume has dropped by 0.
In the last trading session, Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) raised by $0.07 over the week and gained $0.2732 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3.1. The stock recorded its established 52-week high on 01/22/20.
Since 03/23/20, the stock has traded to a low of $0.3625 at 222.76%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.1. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Clear Channel Outdoor Holdings, Inc.’s two-week RSI is 56.23. This suggests that the stock is neutral at the moment and that CCO shares’ price movement remains stable. The stochastic readings are equally revealing at 51.69% meaning the CCO share price is currently in neutral territory.
The technical chart shows that the CCO stock will likely settle at between $1.23 and $1.29 per share. However, if the stock dips below $1.14, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.11.
Currently, the stock is trading in the green of MACD, with a reading of 0.0456. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Citigroup raised their recommendation for CCO from Neutral to Buy in June 24 review. Barrington Research analysts downgraded their recommendation of the stock from Outperform to Mkt Perform in a flash note released to investors on April 01. JP Morgan analysts see the stock as Neutral when the analysts initiated the share price coverage on February 03.
The average rating for the CCO equity is 2.43 and is currently gathering a bullish momentum. Of 7 analysts tracking Clear Channel Outdoor Holdings, Inc. polled by Reuters, 4 rated CCO as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) will decrease by about -99.86%, which will see them reach $427 million. The company’s full-year revenues are, however, expected to diminish by about -31.34%, down from $2680 million to $1840 million. CCO’s expected adjusted earnings should drop almost -39.13% to end up at -$0.28 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 45.45% to record -$1.28/share.