Cellnex Telecom (OTCMKTS:CLLNY) Sees Unusually-High Trading Volume – Still a Buy?

Cellnex Telecom SA – Unsponsored ADR (OTCMKTS:CLLNY) shares saw unusually-high trading volume on Monday . Approximately 176,195 shares changed hands during mid-day trading, an increase of 216% from the previous session’s volume of 55,714 shares.The stock last traded at $16.07 and had previously closed at $16.04.

Wall Street Analysts Forecast Growth

CLLNY has been the topic of several research reports. Barclays upgraded shares of Cellnex Telecom to a “hold” rating in a report on Friday, November 28th. Citigroup upgraded shares of Cellnex Telecom from a “hold” rating to a “buy” rating in a research note on Friday, September 19th. Finally, New Street Research upgraded Cellnex Telecom to a “buy” rating in a research note on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Cellnex Telecom presently has a consensus rating of “Buy”.

Cellnex Telecom Stock Performance

The company has a 50 day simple moving average of $15.28 and a 200 day simple moving average of $16.99.

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.