Short Interest in Ermenegildo Zegna (NYSE:ZGN) Decreases By 13.6%

Ermenegildo Zegna (NYSE:ZGN - Get Free Report) was the recipient of a large decline in short interest during the month of December. As of December 31st, there was short interest totalling 1,590,000 shares, a decline of 13.6% from the December 15th total of 1,840,000 shares. Based on an average daily volume of 850,300 shares, the days-to-cover ratio is currently 1.9 days. Approximately 2.6% of the shares of the company are sold short.

Ermenegildo Zegna Trading Up 5.9 %

Ermenegildo Zegna stock traded up $0.46 during trading hours on Thursday, hitting $8.15. The stock had a trading volume of 1,959,767 shares, compared to its average volume of 769,304. The company has a 50-day moving average of $8.05 and a two-hundred day moving average of $9.17. The company has a current ratio of 1.41, a quick ratio of 0.79 and a debt-to-equity ratio of 0.24. Ermenegildo Zegna has a fifty-two week low of $7.13 and a fifty-two week high of $15.26.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Armistice Capital LLC increased its stake in Ermenegildo Zegna by 547.4% in the second quarter. Armistice Capital LLC now owns 239,235 shares of the company's stock valued at $2,833,000 after acquiring an additional 202,281 shares during the period. Public Investment Fund grew its stake in shares of 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 purchasing an additional 764,122 shares during the period. SG Americas Securities LLC bought a new stake in shares of Ermenegildo Zegna in the 3rd quarter valued at approximately $330,000. Roubaix Capital LLC acquired a new position in shares of Ermenegildo Zegna in the 3rd quarter worth approximately $2,481,000. Finally, QVIDTVM Management LLC bought a new position in shares of Ermenegildo Zegna during the 3rd quarter worth approximately $2,908,000. 12.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ZGN shares. BNP Paribas raised shares of Ermenegildo Zegna to a "hold" rating in a report on Monday, December 2nd. Bank of America upgraded shares of Ermenegildo Zegna from a "neutral" rating to a "buy" rating and decreased their price target for the company from $9.40 to $8.90 in a report on Thursday. Finally, Morgan Stanley initiated coverage on Ermenegildo Zegna in a research note on Friday, November 22nd. They issued an "underweight" rating and a $7.20 price objective on the stock.

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.

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