Ermenegildo Zegna (NYSE:ZGN) Shares Gap Up – What’s Next?

Ermenegildo Zegna (NYSE:ZGN)’s share price 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 changing hands.

Analyst Ratings Changes

ZGN has been the subject of a number of recent research reports. Bank of America upgraded shares of Ermenegildo Zegna from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $9.40 to $8.90 in a report on Thursday, January 16th. TD Cowen initiated coverage on Ermenegildo Zegna in a report on Tuesday, February 18th. They set a “hold” rating and a $10.00 price objective on the stock. Finally, BNP Paribas raised Ermenegildo Zegna to a “hold” rating in a research note on Monday, December 2nd.

Ermenegildo Zegna Stock Performance

The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 14.56 and a beta of 0.69. The stock’s 50-day simple moving average is $8.36 and its two-hundred day simple moving average is $8.33. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.79 and a current ratio of 1.41.

Institutional Trading of Ermenegildo Zegna

Hedge funds have recently added to or reduced their stakes in the business. Vident Advisory LLC acquired a new position in shares of Ermenegildo Zegna during the fourth quarter worth approximately $126,000. Two Sigma Advisers LP raised its stake in Ermenegildo Zegna by 157.9% during the 4th quarter. Two Sigma Advisers LP now owns 467,000 shares of the company’s stock valued at $3,857,000 after purchasing an additional 285,900 shares during the last quarter. Two Sigma Investments LP raised its stake in Ermenegildo Zegna by 451.6% during the 4th quarter. Two Sigma Investments LP now owns 468,251 shares of the company’s stock valued at $3,868,000 after purchasing an additional 383,363 shares during the last quarter. Tabor Asset Management LP boosted its holdings in Ermenegildo Zegna by 362.0% in the 4th quarter. Tabor Asset Management LP now owns 959,643 shares of the company’s stock valued at $7,927,000 after purchasing an additional 751,930 shares during the period. Finally, Millennium Management LLC grew its position in Ermenegildo Zegna by 319.2% in the 4th quarter. Millennium Management LLC now owns 406,375 shares of the company’s stock worth $3,357,000 after purchasing an additional 309,424 shares during the last quarter. 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.