Ermenegildo Zegna (NYSE:ZGN) Shares Gap Up – Here’s Why

Shares of Ermenegildo Zegna (NYSE:ZGN) gapped up before the market opened on Thursday . The stock had previously closed at $7.08, but opened at $7.95. Ermenegildo Zegna shares last traded at $7.70, with a volume of 173,537 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ZGN. BNP Paribas raised Ermenegildo Zegna to a “hold” rating in a research report on Monday, December 2nd. Bank of America raised shares of Ermenegildo Zegna from a “neutral” rating to a “buy” rating and dropped their price target for the company from $9.40 to $8.90 in a report on Thursday, January 16th. Finally, TD Cowen started coverage on shares of Ermenegildo Zegna in a report on Tuesday, February 18th. They set a “hold” rating and a $10.00 price objective for the company.

Ermenegildo Zegna Stock Up 11.1 %

The company has a market cap of $3.19 billion, a P/E ratio of 14.82 and a beta of 0.69. The company has a quick ratio of 0.79, a current ratio of 1.41 and a debt-to-equity ratio of 0.24. The company has a fifty day moving average of $8.38 and a 200 day moving average of $8.34.

Institutional Investors Weigh In On Ermenegildo Zegna

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. boosted its holdings in shares of Ermenegildo Zegna by 10.0% in the fourth quarter. Invesco Ltd. now owns 6,386,184 shares of the company’s stock worth $52,750,000 after buying an additional 581,696 shares during the last quarter. Public Investment Fund boosted its stake in shares of Ermenegildo Zegna by 57.3% during the 4th quarter. Public Investment Fund now owns 5,834,324 shares of the company’s stock worth $48,192,000 after acquiring an additional 2,124,128 shares during the last quarter. FIL Ltd grew its position in shares of Ermenegildo Zegna by 18.0% during the 4th quarter. FIL Ltd now owns 1,672,992 shares of the company’s stock valued at $13,819,000 after acquiring an additional 255,079 shares during the period. Tabor Asset Management LP increased its stake in shares of Ermenegildo Zegna by 362.0% in the 4th quarter. Tabor Asset Management LP now owns 959,643 shares of the company’s stock worth $7,927,000 after purchasing an additional 751,930 shares in the last quarter. Finally, Alpine Investment Management Ltd bought a new position in Ermenegildo Zegna in the 4th quarter worth $7,100,000. Hedge funds and other institutional investors own 12.91% of the company’s stock.

About Ermenegildo Zegna

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.