Cellnex Telecom (OTCMKTS:CLLNY) Shares Gap Down – What’s Next?

Cellnex Telecom SA – Unsponsored ADR (OTCMKTS:CLLNY) shares gapped down before the market opened on Wednesday . The stock had previously closed at $18.95, but opened at $17.65. Cellnex Telecom shares last traded at $17.57, with a volume of 4,387 shares changing hands.

Analysts Set New Price Targets

CLLNY has been the topic of a number of recent analyst reports. The Goldman Sachs Group lowered Cellnex Telecom from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 9th. Barclays upgraded shares of Cellnex Telecom to a “hold” rating in a report on Friday, November 28th. New Street Research upgraded shares of Cellnex Telecom to a “buy” rating in a report on Wednesday, December 17th. Finally, Citigroup reaffirmed a “buy” rating on shares of Cellnex Telecom in a research report on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cellnex Telecom currently has an average rating of “Moderate Buy”.

Cellnex Telecom Price Performance

The company’s 50 day moving average is $16.39 and its 200-day moving average is $16.34.

Cellnex Telecom Company Profile

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.