Cellnex Telecom (OTCMKTS:CLLNY) Shares Break Above Fifty Day Moving Average – Here’s Why

Cellnex Telecom SA – Unsponsored ADR (OTCMKTS:CLLNY) crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $14.20 and traded as high as $14.34. Cellnex Telecom shares last traded at $14.30, with a volume of 429,344 shares trading hands.

Analysts Set New Price Targets

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

Cellnex Telecom Trading Up 3.0%

The stock’s 50-day simple moving average is $14.20 and its two-hundred day simple moving average is $15.65.

About Cellnex Telecom

Cellnex Telecom is a European telecommunications infrastructure company that operates wireless communications sites and related networks. The company provides infrastructure used by mobile network operators, broadcasters, public authorities and other organizations to deliver connectivity and communications services.

Its portfolio includes macro towers, rooftop sites, distributed antenna systems, small-cell networks and fiber-connected infrastructure. Cellnex also manages broadcasting infrastructure and develops connectivity solutions for smart cities, private networks, public safety and the Internet of Things.

Headquartered in Barcelona, Cellnex was established in 2015 following the reorganization of Abertis’s telecommunications infrastructure business.