Ermenegildo Zegna (NYSE:ZGN) Shares Gap Down – Here’s What Happened

Ermenegildo Zegna (NYSE:ZGN) shares gapped down prior to trading on Friday . The stock had previously closed at $7.76, but opened at $7.51. Ermenegildo Zegna shares last traded at $7.61, with a volume of 153,539 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ZGN. TD Cowen began coverage on shares of Ermenegildo Zegna in a research report on Tuesday, February 18th. They set a “hold” rating and a $10.00 target price on the stock. Bank of America raised shares of 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, January 16th. Finally, BNP Paribas upgraded Ermenegildo Zegna to a “hold” rating in a research note on Monday, December 2nd.

Ermenegildo Zegna Stock Up 0.6 %

The company has a current ratio of 1.41, a quick ratio of 0.79 and a debt-to-equity ratio of 0.24. The business’s fifty day moving average price is $8.37 and its 200 day moving average price is $8.34. The company has a market capitalization of $3.17 billion, a P/E ratio of 14.78 and a beta of 0.69.

Institutional Investors Weigh In On Ermenegildo Zegna

Institutional investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new position in shares of Ermenegildo Zegna during the 4th quarter worth approximately $28,000. Entropy Technologies LP bought a new position in shares of Ermenegildo Zegna during the fourth quarter valued at $84,000. Mirabella Financial Services LLP acquired a new stake in shares of Ermenegildo Zegna in the 4th quarter valued at $87,000. Verition Fund Management LLC bought a new stake in shares of Ermenegildo Zegna in the 3rd quarter worth about $149,000. Finally, Vident Advisory LLC acquired a new stake in shares of Ermenegildo Zegna during the 4th quarter worth about $126,000. 12.91% of the stock is owned by institutional investors and hedge funds.

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.