Zegona Communications (LON:ZEG) Reaches New 52-Week High – Time to Buy?

Shares of Zegona Communications plc (LON:ZEG) reached a new 52-week high during trading on Thursday . The company traded as high as GBX 595 ($7.67) and last traded at GBX 595 ($7.67), with a volume of 420625 shares. The stock had previously closed at GBX 555 ($7.15).

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group reiterated a “buy” rating and issued a GBX 825 ($10.63) price target on shares of Zegona Communications in a research note on Tuesday, February 25th.

Zegona Communications Price Performance

The stock has a 50-day moving average price of GBX 476 and a 200-day moving average price of GBX 389.20. The company has a market capitalization of £5.52 billion, a P/E ratio of -49.33 and a beta of 2.80.

Insider Transactions at Zegona Communications

In other Zegona Communications news, insider Ashley G. Martin purchased 12,750 shares of the business’s stock in a transaction on Thursday, December 12th. The shares were purchased at an average cost of GBX 330 ($4.25) per share, for a total transaction of £42,075 ($54,234.34). Also, insider Richard Williams purchased 12,363 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were purchased at an average cost of GBX 404 ($5.21) per share, for a total transaction of £49,946.52 ($64,380.67). 74.68% of the stock is currently owned by corporate 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.