The stock of Zegona Communications PLC (LON:ZEG) gapped up by GBX 2.51 today and has GBX 309.27 target or 144.00% above today’s GBX 126.75 share price. The 5 months technical chart setup indicates low risk for the GBX 248.92 million company. The gap was reported on Nov, 8 by Barchart.com. If the GBX 309.27 price target is reached, the company will be worth GBX 358.44 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 3.47% or GBX 4.25 on November 8, hitting GBX 126.75. About 35,778 shares traded hands. Zegona Communications PLC (LON:ZEG) has declined 3.42% since April 12, 2016 and is downtrending. It has underperformed by 5.38% the S&P500.
More news for Zegona Communications PLC (LON:ZEG) were recently published by: Bloomberg.com, which released: “O’Hare’s Zegona to Buy Spain’s Telecable for $705 Million” on July 27, 2015. Bloomberg.com‘s article titled: “Telia Sells Spanish Unit Yoigo to Masmovil to Refocus on Nordics” and published on June 21, 2016 is yet another important article.
Zegona Communications plc is a United Kingdom firm focusing on network communications and entertainment opportunities. The company has a market cap of 248.92 million GBP. The Company’s divisions include Telecable Group and Central Costs. It currently has negative earnings. The Telecable Group represents the operational side of telecommunications business of the Company, whereas the Central Costs Segment incorporates the remaining subsidiaries, which represent the administrative segment of the Company and are mainly cost bearing entities and holding companies.
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