Ermenegildo Zegna (NYSE:ZGN) Sees Strong Trading Volume – What’s Next?

Shares of Ermenegildo Zegna (NYSE:ZGN) saw an uptick in trading volume on Friday . 377,489 shares traded hands during trading, a decline of 38% from the previous session’s volume of 613,136 shares.The stock last traded at $8.54 and had previously closed at $8.25.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ZGN. Morgan Stanley began coverage on Ermenegildo Zegna in a research note on Friday, November 22nd. They set an “underweight” rating and a $7.20 price target on the stock. BNP Paribas upgraded Ermenegildo Zegna to a “hold” rating in a research note on Monday. Finally, Bank of America lowered Ermenegildo Zegna from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $13.00 to $9.80 in a research note on Monday, September 23rd.

Ermenegildo Zegna Stock Performance

The firm has a fifty day moving average price of $8.12 and a 200 day moving average price of $9.98. The company has a quick ratio of 0.79, a current ratio of 1.41 and a debt-to-equity ratio of 0.24.

Hedge Funds Weigh In On Ermenegildo Zegna

A number of hedge funds and other institutional investors have recently bought and sold shares of ZGN. nVerses Capital LLC increased its holdings in Ermenegildo Zegna by 525.0% in 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 during the last quarter. Verition Fund Management LLC bought a new stake in shares of Ermenegildo Zegna in the third quarter worth about $149,000. XTX Topco Ltd bought a new stake in shares of Ermenegildo Zegna in the third quarter worth about $215,000. Jane Street Group LLC bought a new stake in shares of Ermenegildo Zegna in the third quarter worth about $222,000. Finally, PDT Partners LLC increased its holdings in shares of Ermenegildo Zegna by 144.0% in 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 in the last quarter. 12.91% of the stock is owned by institutional investors.

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.