Ermenegildo Zegna (NYSE:ZGN) Shares Gap Up – Still a Buy?

Shares of Ermenegildo Zegna (NYSE:ZGN) 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.

Analysts Set New Price Targets

A number of research firms have commented on ZGN. TD Cowen started coverage on Ermenegildo Zegna in a report on Tuesday, February 18th. They set a “hold” rating and a $10.00 price target on the stock. Bank of America raised Ermenegildo Zegna from a “neutral” rating to a “buy” rating and decreased their target price for the company from $9.40 to $8.90 in a research note on Thursday, January 16th. Finally, BNP Paribas upgraded Ermenegildo Zegna to a “hold” rating in a research note on Monday, December 2nd.

Ermenegildo Zegna Stock Performance

The firm has a market cap of $3.19 billion, a PE ratio of 14.82 and a beta of 0.69. The firm’s 50 day simple moving average is $8.38 and its 200 day simple moving average is $8.34. The company has a current ratio of 1.41, a quick ratio of 0.79 and a debt-to-equity ratio of 0.24.

Hedge Funds Weigh In On Ermenegildo Zegna

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZGN. SBI Securities Co. Ltd. purchased a new stake in shares of Ermenegildo Zegna during the 4th quarter worth approximately $28,000. Entropy Technologies LP bought a new stake in Ermenegildo Zegna in the fourth quarter worth $84,000. Mirabella Financial Services LLP purchased a new stake in Ermenegildo Zegna during the fourth quarter valued at $87,000. Verition Fund Management LLC bought a new position in Ermenegildo Zegna during the third quarter valued at $149,000. Finally, Vident Advisory LLC purchased a new position in shares of Ermenegildo Zegna in the 4th quarter worth $126,000. 12.91% of the stock is owned by 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.