Bank of America upgraded shares of Ermenegildo Zegna (NYSE:ZGN - Free Report) from a neutral rating to a buy rating in a research note released on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $8.90 price target on the stock, down from their previous price target of $9.40.
Other equities research analysts have also issued reports about the company. BNP Paribas raised Ermenegildo Zegna to a "hold" rating in a research report on Monday, December 2nd. Morgan Stanley started coverage on Ermenegildo Zegna in a research report on Friday, November 22nd. They set an "underweight" rating and a $7.20 price objective for the company.
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Ermenegildo Zegna Trading Up 5.6 %
Shares of ZGN traded up $0.43 during midday trading on Thursday, reaching $8.12. The stock had a trading volume of 2,223,904 shares, compared to its average volume of 798,140. The firm's 50 day moving average price is $8.05 and its 200-day moving average price is $9.17. The company has a quick ratio of 0.79, a current ratio of 1.41 and a debt-to-equity ratio of 0.24. Ermenegildo Zegna has a 52 week low of $7.13 and a 52 week high of $15.26.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. Armistice Capital LLC increased its position in Ermenegildo Zegna by 547.4% in the 2nd quarter. Armistice Capital LLC now owns 239,235 shares of the company's stock worth $2,833,000 after buying an additional 202,281 shares during the period. Public Investment Fund boosted its stake in Ermenegildo Zegna by 25.9% in the 2nd quarter. Public Investment Fund now owns 3,710,196 shares of the company's stock valued at $43,929,000 after buying an additional 764,122 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Ermenegildo Zegna in the 3rd quarter valued at $330,000. Roubaix Capital LLC acquired a new stake in Ermenegildo Zegna in the 3rd quarter valued at $2,481,000. Finally, QVIDTVM Management LLC acquired a new position in Ermenegildo Zegna in the third quarter worth $2,908,000. 12.91% of the stock is owned by institutional investors.
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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