Zegona Communications (LON:ZEG) Stock Price Down 18.8% – Should You Sell?

Zegona Communications plc (LON:ZEG)’s share price dropped 18.8% during mid-day trading on Monday . The stock traded as low as GBX 512 ($6.54) and last traded at GBX 520 ($6.64). Approximately 3,061,315 shares traded hands during trading, an increase of 380% from the average daily volume of 637,701 shares. The stock had previously closed at GBX 640 ($8.18).

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group reiterated a “buy” rating and issued a GBX 825 ($10.54) target price on shares of Zegona Communications in a report on Tuesday, February 25th.

Zegona Communications Stock Performance

The stock has a market cap of £5.30 billion, a price-to-earnings ratio of -47.43 and a beta of 2.80. The business has a 50-day simple moving average of GBX 589.54 and a two-hundred day simple moving average of GBX 439.33.

Insider Transactions at Zegona Communications

In other news, insider Richard Williams bought 12,363 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were bought at an average cost of GBX 404 ($5.16) per share, with a total value of £49,946.52 ($63,821.26). Company insiders own 74.68% of the company’s stock.

About Zegona Communications

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.