Cellnex Telecom (OTCMKTS:CLLNY) Stock Price Down 6.3% – What’s Next?

Shares of Cellnex Telecom SA – Unsponsored ADR (OTCMKTS:CLLNY) dropped 6.3% during mid-day trading on Friday . The company traded as low as $14.7424 and last traded at $14.7424. Approximately 57,631 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 190,436 shares. The stock had previously closed at $15.74.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CLLNY shares. The Goldman Sachs Group downgraded Cellnex Telecom from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 9th. Citigroup reissued a “buy” rating on shares of Cellnex Telecom in a report on Thursday, February 12th. New Street Research upgraded Cellnex Telecom to a “buy” rating in a research note on Wednesday, December 17th. Finally, Barclays raised shares of Cellnex Telecom to a “hold” rating in a report on Friday, November 28th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Cellnex Telecom has a consensus rating of “Moderate Buy”.

Cellnex Telecom Price Performance

The business’s fifty day moving average is $16.60 and its two-hundred day moving average is $16.28.

About Cellnex Telecom

Cellnex Telecom SA is a leading independent wireless telecommunications infrastructure operator based in Barcelona, Spain. The company designs, builds and manages telecom tower sites and related connectivity solutions, offering site rental services to mobile network operators, broadcasters and enterprises. Its portfolio includes macro sites, distributed antenna systems (DAS), small cells, in-building coverage, fiber networks and edge computing nodes, all aimed at enhancing voice, data and next-generation digital services.

Founded as a spin-off from Abertis Infraestructuras in 2015, Cellnex launched an initial public offering on the Madrid Stock Exchange in May of that year.