Sunday, December 5

AQR Capital takes a break at Cellnex

AQR Capital, the hedge fund led by Cliff Asness, on Monday reduced its position in Cellnex below 0.5 percent of the capital, according to the records of the National Stock Market Commission (CNMV).

This level is the minimum that the supervisor forces bears to declare. It is also the first drop below 0.5 percent in more than a year, specifically since October 9, 2020.

ARQ Capital reached 4.21 percent of the capital

CNMV records show that Asness’s have carried out more than a dozen operations on Cellnex so far this year. They accumulate 1.07 percent of the current circulation of the IBEX 35 through shorts.

The largest position that this hedge fund accumulated, one of the most active in the IBEX 35 since the outbreak of the coronavirus and that does not hesitate to attack the heavyweights of the selective, was in July 2017 with 4.21 percent .

Although AQR Capital has raised its foot, Cellnex has another bearish in its shareholding: DE Shaw & Co, a hedge fund that is becoming a reference in the Spanish stock market.

DE Shaw adds a position of 217 million en Cellnex

Founded by computer engineer David E. Shaw and cataloged by the magazine Fortune as “one of the most intriguing forces on Wall Street” adds a short position in Cellnex of 0.61 percent with a charge against the shares of about 217.5 million euros at the current price of the securities.

E. Shaw first joined Cellnex, the leader in telecommunications towers in Europe, in March of this year and his current position, registered at the end of September, is the highest since reporting its first 0.5 percent in the first quarter.

During this course, three other hedge funds have passed through the value: Citadel Europe, BNP Paribas and Sculptor Capital Management Europe.

Consensus strongly supports Cellnex

Cellnex’s stock market record is impeccable with a rise that is close to 400 percent since it debuted on the Continuous Market in May 2015. With each capital increase that has been carried out, investors have come without fissures, a sign of confidence in business development.

The market consensus supports a security that trades with more discretion this year, signs a rise of 15 percent.

The slight break that Cellnex seems to be taking at the IBEX 35 offers a buying opportunity for experts with a potential revaluation of 30 percent at 12 months by throwing an average target price of 66.85 euros.

84.4 percent of analysts compiling the Bloomberg market consensus urge investors to “buy” stocks, by 9.4 percent who prefer to “maintain” their portfolio positions and 6.3 percent who choose to “sell” the securities. “

Citi agrees with the bears

Of course, there are also voices of reference within the financial community that agree with the bears. Such is the case of Citi which points out that Cellnex is listed “as if it were going to achieve perfection in a perfect industry”.

The entity’s analysts point out that, although “It seems” that the board of directors is developing the “correct” strategy for the business evolution of the company, “The valuation is high and we recommend selling”.

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