11 Best NYSE Penny Stocks to Buy Right Now

3. Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)

Price as of October 31: $1.50

Number of Hedge Fund Holders: 32

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is an out-of-home advertising company that provides communication services. It 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.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) delivered solid third-quarter results that affirm strong demand for its advertising services amid a challenging environment.  In the quarter the company inked a significant 15 year contract for roadside advertising expanding its footprint in New York tri state area. Likewise it has started leveraging technology investments and expanded sales teams to enhance performance.

Revenue in the quarter was up 6.1% year over year to $559 million, affirming healthy demand from advertisers across all the key markets, including airports and Europe North segments. Revenue increased in most markets, most notably Miami, driven by increased demand and digital deployments. Digital revenue was up 8.4% to $106 million.

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is one of the best penny stocks to buy right now despite being pressured as advertisers increasingly recognize the value of its digital billboard platform, which reaches 70% of adults. The company is expanding its sales team as it looks to strengthen and diversify its revenue base.

Likewise, Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) increased its full-year 2024 consolidated revenue, Adjusted EBITDA and AFFO guidance, given the strength in Airports and Europe-North. It expects revenue of between $2.21 billion and 2.28 billion, representing growth of 4% to 7% year over year.