Ermenegildo Zegna (NYSE:ZGN) Sees Significant Decline in Short Interest

Ermenegildo Zegna (NYSE:ZGN - Get Free Report) was the target of a significant drop in short interest in November. As of November 15th, there was short interest totalling 1,620,000 shares, a drop of 22.1% from the October 31st total of 2,080,000 shares. Based on an average trading volume of 822,700 shares, the days-to-cover ratio is presently 2.0 days. Approximately 2.7% of the shares of the stock are short sold.

Ermenegildo Zegna Trading Up 2.7 %

Shares of Ermenegildo Zegna stock traded up $0.21 during trading hours on Friday, hitting $8.09. The company's stock had a trading volume of 436,018 shares, compared to its average volume of 603,953. Ermenegildo Zegna has a twelve month low of $7.13 and a twelve month high of $15.26. The firm has a fifty day moving average of $8.15 and a 200-day moving average of $10.14. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.79 and a current ratio of 1.41.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Morgan Stanley assumed coverage on Ermenegildo Zegna in a research report on Friday, November 22nd. They set an "underweight" rating and a $7.20 price objective on the stock. Bank of America downgraded Ermenegildo Zegna from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $13.00 to $9.80 in a research report on Monday, September 23rd.

Hedge Funds Weigh In On Ermenegildo Zegna

Large investors have recently modified their holdings of the business. nVerses Capital LLC raised its holdings in shares of Ermenegildo Zegna by 525.0% in the 2nd quarter. nVerses Capital LLC now owns 2,500 shares of the company's stock valued at $30,000 after buying an additional 2,100 shares during the period. Verition Fund Management LLC purchased a new stake in Ermenegildo Zegna during the 3rd quarter worth about $149,000. XTX Topco Ltd purchased a new stake in Ermenegildo Zegna during the 3rd quarter worth about $215,000. Jane Street Group LLC purchased a new stake in Ermenegildo Zegna during the 3rd quarter worth about $222,000. Finally, SG Americas Securities LLC purchased a new stake in Ermenegildo Zegna during the 3rd quarter worth about $330,000. Institutional investors and hedge funds 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.