Zegona Communications (LON:ZEG) Trading Down 10% – Here’s What Happened

Shares of Zegona Communications plc (LON:ZEG) dropped 10% during trading on Tuesday . The stock traded as low as GBX 574 ($7.76) and last traded at GBX 664 ($8.97). Approximately 2,733,301 shares changed hands during trading, an increase of 391% from the average daily volume of 556,508 shares. The stock had previously closed at GBX 738 ($9.97).

Analyst Ratings Changes

Separately, Canaccord Genuity Group reaffirmed a “buy” rating and set a GBX 825 ($11.15) price objective on shares of Zegona Communications in a research note on Tuesday, February 25th.

Zegona Communications Stock Performance

The company’s 50-day simple moving average is GBX 657.55 and its two-hundred day simple moving average is GBX 515.09. The firm has a market cap of £6.16 billion, a PE ratio of -55.06 and a beta of 2.80.

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.