Cellnex Telecom (OTCMKTS:CLLNY) Trading Down 3.9% – Here’s What Happened

Shares of Cellnex Telecom SA – Unsponsored ADR (OTCMKTS:CLLNY) were down 3.9% on Tuesday . The company traded as low as $14.71 and last traded at $14.73. Approximately 89,322 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 115,387 shares. The stock had previously closed at $15.32.

Wall Street Analysts Forecast Growth

CLLNY has been the subject of several research analyst reports. Barclays upgraded Cellnex Telecom to an “overweight” rating in a research report on Monday, August 24th. UBS Group cut shares of Cellnex Telecom to a “neutral” rating in a report on Tuesday, August 18th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

Cellnex Telecom Stock Performance

The company’s 50 day moving average price is $15.06 and its two-hundred day moving average price is $16.17.

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.