Zegona Communications (LON:ZEG) Trading 10% Higher – Should You Buy?

Zegona Communications plc (LON:ZEG) shares shot up 10% during mid-day trading on Thursday . The stock traded as high as GBX 675 ($8.78) and last traded at GBX 660 ($8.59). 740,248 shares were traded during trading, an increase of 16% from the average session volume of 636,126 shares. The stock had previously closed at GBX 600 ($7.81).

Analyst Ratings Changes

Separately, Canaccord Genuity Group reiterated a “buy” rating and issued a GBX 825 ($10.73) price target on shares of Zegona Communications in a research note on Tuesday, February 25th.

Zegona Communications Stock Performance

The stock has a market capitalization of £6.12 billion, a P/E ratio of -54.72 and a beta of 2.80. The firm has a fifty day moving average price of GBX 512.54 and a two-hundred day moving average price of GBX 405.95.

Insider Activity at Zegona Communications

In other Zegona Communications news, insider Richard Williams purchased 12,363 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were acquired at an average price of GBX 404 ($5.26) per share, for a total transaction of £49,946.52 ($64,975.31). 74.68% of the stock is owned by company insiders.

Zegona Communications Company Profile

Zegona is a British company investing strategically across the Europe with the objective of acquiring businesses in the European TMT sector, using a “Buy-Fix-Sell” strategy to deliver attractive shareholder returns.

The first acquisition made by Zegona was of Asturian telecommunications operator Telecable in 2015.