Why Clear Channel Outdoor Holdings, Inc. (CCO)’s Stock Is Melting Down -3.66% Today

Today’s big question for investors is, “what’s going on with Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) stock? Its price is nose-diving -0.17 points, trading at $4.47 levels, and is down -3.66% from its previous close of $4.64. The shares seem to have an active trading volume day with a reported 229418 contracts so far this session. CCO shares had a relatively better volume day versus average trading capacity of 1.12 million shares, but with a 17.12 million float and a -1.49% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for CCO stock indicates that the average analyst price target is $6.5 per share. This means the stock has a potential increase of 45.41% from where the CCO share price has been trading recently which is between $4.415 and $4.74. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $5.5.

The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Clear Channel Outdoor Holdings, Inc. Sets Date For 2019 Second Quarter Earnings Teleconference” and dated July 01, 2019.

During the recent trading session for Clear Channel Outdoor Holdings, Inc. (NYSE:CCO), the company witnessed their stock drop by $-0.16 over a week and tumble down $-0.76 from the price 20 days ago. When compared to their established 52-week high of $6.38, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 08/10/18. The recent low of $4.3 stood for a -29.94% since 07/31/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.79 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Clear Channel Outdoor Holdings, Inc., the two-week RSI stands at 32.12. This figure suggests that CCO stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current CCO readings is similarly very revealing as it has a stochastic reading of 24.69% at this stage. This figure means that CCO share price today is being overbought.

Technical chart claims that Clear Channel Outdoor Holdings, Inc. (CCO) would settle between $4.78/share to $4.92/share level. However, if the stock price goes below the $4.46 mark, then the market for Clear Channel Outdoor Holdings, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $4.27 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.04. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at Wolfe Research lowered their recommendation on shares of CCO from Outperform to Peer Perform in their opinion released on July 11. Barrington Research analysts bumped their rating on Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) stock from Mkt Perform to Outperform in a separate flash note issued to investors on March 11. Analysts at Wedbush are sticking to their Neutral stance. However, on February 24, they lifted price target for these shares to $5.75 from $6.

CCO equity has an average rating of 2.5, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, CCO stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.63 while for the average stock in the same group, the multiple is 1.18.

Clear Channel Outdoor Holdings, Inc. (CCO)’s current-quarter revenues are projected to climb by nearly -1.92% to hit $698330, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over -1.33% from $2.72 billion to a noteworthy $2.69 billion. At the other end of the current quarter income statement, Clear Channel Outdoor Holdings, Inc. is expected to see its adjusted earnings surge by roughly 78.57% to hit $-0.03 per share. For the fiscal year, CCO’s earnings are projected to climb by roughly -3.45% to hit $-0.6 per share.