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

Ermenegildo Zegna (NYSE:ZGN)’s share price gapped down before the market opened 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 traded.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Bank of America upgraded shares of Ermenegildo Zegna from a “neutral” rating to a “buy” rating and reduced their price target for the company from $9.40 to $8.90 in a research report on Thursday, January 16th. BNP Paribas raised Ermenegildo Zegna to a “hold” rating in a report on Monday, December 2nd. Finally, TD Cowen began coverage on Ermenegildo Zegna in a report on Tuesday, February 18th. They set a “hold” rating and a $10.00 price target for the company.

Ermenegildo Zegna Stock Down 0.6 %

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.41 and a quick ratio of 0.79. 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 firm has a 50 day simple moving average of $8.36 and a two-hundred day simple moving average of $8.32.

Hedge Funds Weigh In On Ermenegildo Zegna

Several hedge funds have recently made changes to their positions in ZGN. Verition Fund Management LLC bought a new position in shares of Ermenegildo Zegna in the 3rd quarter valued at about $149,000. PDT Partners LLC grew its holdings in 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 purchasing an additional 32,779 shares during the period. Arizona PSPRS Trust acquired a new position in Ermenegildo Zegna during the third quarter worth approximately $979,000. Jane Street Group LLC bought a new stake in Ermenegildo Zegna in the third quarter valued at approximately $222,000. Finally, XTX Topco Ltd acquired a new stake in shares of Ermenegildo Zegna in the third quarter valued at approximately $215,000. 12.91% of the stock is owned by institutional investors.

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.