Zegona Communications (LON:ZEG) Share Price Crosses Below 50-Day Moving Average – Time to Sell?

Zegona Communications plc (LON:ZEG) shares crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of GBX 1,236.57 and traded as low as GBX 1,210. Zegona Communications shares last traded at GBX 1,265, with a volume of 4,955,445 shares trading hands.

Wall Street Analysts Forecast Growth

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

Zegona Communications Stock Up 1.2%

The firm has a market capitalization of £9.72 billion, a price-to-earnings ratio of 116.36 and a beta of 2.80. The company has a fifty day moving average price of GBX 1,237.67 and a two-hundred day moving average price of GBX 989.25.

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.