Zegona Communications (LON:ZEG) Stock Price Crosses Below 50-Day Moving Average – Here’s What Happened

Zegona Communications plc (LON:ZEG)’s stock price crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of GBX 1,232.64 and traded as low as GBX 1,173.15. Zegona Communications shares last traded at GBX 1,180, with a volume of 144,781 shares changing hands.

Analyst Ratings Changes

A number of brokerages have weighed in on ZEG. Deutsche Bank Aktiengesellschaft lifted their price objective on Zegona Communications from GBX 1,030 to GBX 1,550 and gave the company a “buy” rating in a report on Wednesday, August 13th. Berenberg Bank increased their price target on shares of Zegona Communications from GBX 1,000 to GBX 1,350 and gave the company a “buy” rating in a report on Tuesday, August 12th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a GBX 1,500 price target on shares of Zegona Communications in a report on Monday, November 3rd. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of GBX 1,466.67.

Zegona Communications Trading Down 0.8%

The stock has a market cap of £8.89 billion, a price-to-earnings ratio of 106.46 and a beta of 2.80. The firm’s 50 day moving average is GBX 1,232.64 and its two-hundred day moving average is GBX 961.11.

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.