Zegona Communications (LON:ZEG) Sets New 1-Year High – Time to Buy?

Zegona Communications plc (LON:ZEG)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as GBX 630 ($8.19) and last traded at GBX 625 ($8.13), with a volume of 1051029 shares changing hands. The stock had previously closed at GBX 600 ($7.80).

Analyst Ratings Changes

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

Zegona Communications Trading Up 4.2 %

The stock has a market capitalization of £5.79 billion, a P/E ratio of -51.82 and a beta of 2.80. The company has a fifty day simple moving average of GBX 507.50 and a two-hundred day simple moving average of GBX 403.82.

Insider Activity

In related news, insider Richard Williams purchased 12,363 shares of the stock in a transaction dated Monday, January 13th. The stock was bought at an average cost of GBX 404 ($5.25) per share, with a total value of £49,946.52 ($64,933.07). 74.68% of the stock is currently 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.