Ermenegildo Zegna (NYSE:ZGN) Shares Down 2.7% – What’s Next?

Ermenegildo Zegna (NYSE:ZGN) shares were down 2.7% during trading on Thursday . The stock traded as low as $8.40 and last traded at $8.40. Approximately 255,568 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 617,091 shares. The stock had previously closed at $8.63.

Analysts Set New Price Targets

Several brokerages recently commented on ZGN. BNP Paribas raised shares of Ermenegildo Zegna to a “hold” rating in a research report on Monday, December 2nd. Bank of America downgraded Ermenegildo Zegna from a “buy” rating to a “neutral” rating and lowered their price target for the company from $13.00 to $9.80 in a research report on Monday, September 23rd. Finally, Morgan Stanley initiated coverage on Ermenegildo Zegna in a report on Friday, November 22nd. They set an “underweight” rating and a $7.20 target price for the company.

Ermenegildo Zegna Stock Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.79 and a current ratio of 1.41. The stock has a market capitalization of $3.40 billion, a P/E ratio of 19.51 and a beta of 0.68. The stock has a 50 day moving average of $8.02 and a 200 day moving average of $9.58.

Institutional Trading of Ermenegildo Zegna

Several hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC raised its stake in shares of Ermenegildo Zegna by 525.0% during the second quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock valued at $30,000 after purchasing an additional 2,100 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Ermenegildo Zegna during the third quarter valued at approximately $149,000. XTX Topco Ltd bought a new stake in Ermenegildo Zegna during the third quarter worth approximately $215,000. Jane Street Group LLC acquired a new position in Ermenegildo Zegna in the third quarter worth approximately $222,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Ermenegildo Zegna during the 3rd quarter valued at $330,000. Institutional investors own 12.91% of the company’s stock.

Ermenegildo Zegna Company Profile

Ermenegildo Zegna N.V., together with its subsidiaries, designs, manufactures, markets, and distributes luxury menswear, footwear, leather goods, and other accessories under the Zegna and the Thom Browne brands. It provides luxury leisurewear for men; formal suits, tuxedos, shirts, blazers, formal overcoats, and accessories; leather accessories comprising shoes, bags, belts, and small leather accessories; and fragrances.