Cellnex Telecom (OTCMKTS:CLLNY) Shares Down 3.9% – Here’s Why

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

Analyst Upgrades and Downgrades

CLLNY has been the subject of several analyst reports. UBS Group downgraded Cellnex Telecom to a “neutral” rating in a research report on Tuesday, August 18th. Barclays upgraded shares of Cellnex Telecom to an “overweight” rating in a research report on Monday, August 24th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Cellnex Telecom currently has an average rating of “Moderate Buy”.

Cellnex Telecom Stock Performance

The stock’s fifty day moving average is $15.03 and its 200-day moving average is $16.15.

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.