Zegona Communications (LON:ZEG) Stock Price Up 10% – What’s Next?

Zegona Communications plc (LON:ZEG)’s stock price rose 10% during mid-day trading on Thursday . The company traded as high as GBX 675 ($8.72) and last traded at GBX 660 ($8.52). Approximately 740,248 shares changed hands during mid-day trading, an increase of 16% from the average daily volume of 636,126 shares. The stock had previously closed at GBX 600 ($7.75).

Analysts Set New Price Targets

Separately, Canaccord Genuity Group reiterated a “buy” rating and issued a GBX 825 ($10.65) price objective on shares of Zegona Communications in a research report on Tuesday, February 25th.

Zegona Communications Stock Up 2.9 %

The stock’s fifty day moving average price is GBX 524.32 and its 200-day moving average price is GBX 410.28. The company has a market capitalization of £6.54 billion, a price-to-earnings ratio of -58.46 and a beta of 2.80.

Insiders Place Their Bets

In other Zegona Communications news, insider Richard Williams acquired 12,363 shares of the business’s stock in a transaction on Monday, January 13th. The shares were acquired at an average price of GBX 404 ($5.22) per share, with a total value of £49,946.52 ($64,488.73). 74.68% of the stock is currently owned by 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.