Shares of Ermenegildo Zegna (NYSE:ZGN - Get Free Report) gapped up prior to trading 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 trading hands.
Wall Street Analyst Weigh In
A number of brokerages recently commented on ZGN. BNP Paribas upgraded Ermenegildo Zegna to a "hold" rating in a report on Monday, December 2nd. TD Cowen started coverage on shares of Ermenegildo Zegna in a research note on Tuesday, February 18th. They issued a "hold" rating and a $10.00 price objective for the company. Finally, Bank of America raised shares of Ermenegildo Zegna from a "neutral" rating to a "buy" rating and cut their target price for the stock from $9.40 to $8.90 in a research note on Thursday, January 16th.
Get Our Latest Research Report on Ermenegildo Zegna
Ermenegildo Zegna Price Performance
The company has a 50 day moving average of $8.36 and a 200 day moving average of $8.31. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.79 and a current ratio of 1.41. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 14.20 and a beta of 0.69.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the business. Public Investment Fund boosted its stake in Ermenegildo Zegna by 57.3% in the fourth quarter. Public Investment Fund now owns 5,834,324 shares of the company's stock valued at $48,192,000 after acquiring an additional 2,124,128 shares in the last quarter. Alpine Investment Management Ltd acquired a new stake in shares of Ermenegildo Zegna in the 4th quarter valued at about $7,100,000. Tabor Asset Management LP grew its stake in Ermenegildo Zegna by 362.0% during the 4th quarter. Tabor Asset Management LP now owns 959,643 shares of the company's stock worth $7,927,000 after buying an additional 751,930 shares during the last quarter. Invesco Ltd. increased its position in Ermenegildo Zegna by 10.0% during the fourth quarter. Invesco Ltd. now owns 6,386,184 shares of the company's stock worth $52,750,000 after buying an additional 581,696 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in Ermenegildo Zegna in the fourth quarter valued at approximately $4,172,000. Hedge funds and other institutional investors own 12.91% of the company's stock.
Ermenegildo Zegna Company Profile
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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.
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