Ermenegildo Zegna (NYSE:ZGN) Sees Significant Decline in Short Interest

Ermenegildo Zegna (NYSE:ZGN) was the target of a large decline in short interest in December. As of December 31st, there was short interest totalling 1,590,000 shares, a decline of 13.6% from the December 15th total of 1,840,000 shares. Based on an average daily trading volume, of 850,300 shares, the days-to-cover ratio is currently 1.9 days. Currently, 2.6% of the shares of the stock are sold short.

Hedge Funds Weigh In On Ermenegildo Zegna

Several institutional investors have recently bought and sold shares of the business. Verition Fund Management LLC bought a new position in Ermenegildo Zegna in the 3rd quarter valued at $149,000. XTX Topco Ltd bought a new stake in shares of Ermenegildo Zegna during the third quarter worth $215,000. Jane Street Group LLC bought a new stake in shares of Ermenegildo Zegna during the third quarter worth $222,000. PDT Partners LLC raised its position in shares of Ermenegildo Zegna by 144.0% during the third quarter. PDT Partners LLC now owns 55,549 shares of the company’s stock worth $547,000 after acquiring an additional 32,779 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Ermenegildo Zegna during the third quarter worth $330,000. Institutional investors own 12.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ZGN. Morgan Stanley began coverage on Ermenegildo Zegna in a research note on Friday, November 22nd. They issued an “underweight” rating and a $7.20 price target on the stock. Bank of America upgraded Ermenegildo Zegna from a “neutral” rating to a “buy” rating and cut their price objective for the company from $9.40 to $8.90 in a research report on Thursday. Finally, BNP Paribas upgraded Ermenegildo Zegna to a “hold” rating in a research report on Monday, December 2nd.

Ermenegildo Zegna Trading Up 5.6 %

Shares of ZGN opened at $8.12 on Friday. The stock has a fifty day moving average price of $8.05 and a two-hundred day moving average price of $9.17. The company has a current ratio of 1.41, a quick ratio of 0.79 and a debt-to-equity ratio of 0.24. Ermenegildo Zegna has a 52-week low of $7.13 and a 52-week high of $15.26.

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.