Cellnex Telecom (OTCMKTS:CLLNY) Shares Gap Down – Time to Sell?

Cellnex Telecom SA – Unsponsored ADR (OTCMKTS:CLLNY)’s share price 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.

Wall Street Analyst Weigh In

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

Cellnex Telecom Stock Down 2.4%

The firm has a 50 day moving average price of $16.46 and a two-hundred day moving average price of $16.36.

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.