Ermenegildo Zegna (NYSE:ZGN) Trading Down 2.7% – Here’s What Happened

Shares of Ermenegildo Zegna (NYSE:ZGN) traded down 2.7% on Thursday . The company traded as low as $8.40 and last traded at $8.40. 255,568 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 617,091 shares. The stock had previously closed at $8.63.

Analyst Ratings Changes

A number of equities analysts recently commented on ZGN shares. BNP Paribas upgraded Ermenegildo Zegna to a “hold” rating in a report on Monday, December 2nd. Morgan Stanley started coverage on shares of Ermenegildo Zegna in a report on Friday, November 22nd. They issued an “underweight” rating and a $7.20 price objective for the company. Finally, Bank of America lowered shares of Ermenegildo Zegna from a “buy” rating to a “neutral” rating and cut their target price for the company from $13.00 to $9.80 in a research note on Monday, September 23rd.

Ermenegildo Zegna Stock Down 0.5 %

The company has a 50-day moving average of $8.02 and a two-hundred day moving average of $9.55. The company has a quick ratio of 0.79, a current ratio of 1.41 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $3.38 billion, a P/E ratio of 19.42 and a beta of 0.68.

Institutional Trading of Ermenegildo Zegna

Hedge funds and other institutional investors have recently modified their holdings of the business. nVerses Capital LLC lifted its position in Ermenegildo Zegna by 525.0% during the 2nd quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock valued at $30,000 after acquiring an additional 2,100 shares during the period. Verition Fund Management LLC purchased a new position in shares of Ermenegildo Zegna during the third quarter valued at approximately $149,000. XTX Topco Ltd bought a new stake in shares of Ermenegildo Zegna in the 3rd quarter worth approximately $215,000. Jane Street Group LLC purchased a new stake in shares of Ermenegildo Zegna in the 3rd quarter worth approximately $222,000. Finally, SG Americas Securities LLC bought a new position in Ermenegildo Zegna during the 3rd quarter valued at approximately $330,000. 12.91% of the stock is owned by hedge funds and other 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.