Cellnex Telecom (OTCMKTS:CLLNY) Shares Gap Up – Here’s Why

Cellnex Telecom SA – Unsponsored ADR (OTCMKTS:CLLNY)’s share price gapped up before the market opened on Thursday. The stock had previously closed at $13.67, but opened at $14.25. Cellnex Telecom shares last traded at $14.17, with a volume of 12,402 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group downgraded shares of Cellnex Telecom from a “hold” rating to a “sell” rating in a report on Friday, September 4th. UBS Group downgraded shares of Cellnex Telecom to a “neutral” rating in a research report on Tuesday, August 18th. Finally, Barclays raised shares of Cellnex Telecom to an “overweight” rating in a research note on Monday, August 24th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Cellnex Telecom currently has a consensus rating of “Hold”.

Cellnex Telecom Stock Up 1.3%

The business has a fifty day moving average price of $14.42 and a two-hundred day moving average price of $15.45.

Cellnex Telecom Company Profile

Cellnex Telecom, SA is a Spanish independent telecommunications infrastructure company that owns and operates wireless communications assets. Its infrastructure supports mobile network operators, broadcasters, governments and other organizations that require reliable connectivity.

The company’s activities include managing telecommunications towers and rooftop sites, distributed antenna systems, small-cell networks and other solutions that improve wireless coverage and capacity. Cellnex also operates infrastructure for digital broadcasting, public safety communications, smart-city services and Internet of Things applications.

Cellnex was established in 2015 after the telecommunications infrastructure business of Abertis was separated and listed on the Spanish stock market.