Ermenegildo Zegna (NYSE:ZGN) Hits New 52-Week Low – Here’s Why

Ermenegildo Zegna (NYSE:ZGN) reached a new 52-week low during trading on Thursday . The company traded as low as $6.57 and last traded at $6.66, with a volume of 279595 shares traded. The stock had previously closed at $7.38.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ZGN. Bank of America upgraded Ermenegildo Zegna from a “neutral” rating to a “buy” rating and cut their price objective for the company from $9.40 to $8.90 in a research report on Thursday, January 16th. TD Cowen began coverage on Ermenegildo Zegna in a research note on Tuesday, February 18th. They issued a “hold” rating and a $10.00 target price for the company.

Ermenegildo Zegna Price Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 1.41 and a quick ratio of 0.79. The firm has a market capitalization of $2.70 billion, a P/E ratio of 12.49 and a beta of 0.73. The company’s 50 day moving average price is $8.19 and its 200 day moving average price is $8.23.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new position in shares of Ermenegildo Zegna during the fourth quarter valued at $28,000. Entropy Technologies LP bought a new stake in Ermenegildo Zegna during the 4th quarter worth about $84,000. Mirabella Financial Services LLP acquired a new position in Ermenegildo Zegna during the 4th quarter valued at about $87,000. Verition Fund Management LLC bought a new position in shares of Ermenegildo Zegna in the 3rd quarter valued at about $149,000. Finally, Vident Advisory LLC acquired a new stake in shares of Ermenegildo Zegna during the 4th quarter worth approximately $126,000. 12.91% of the stock is currently owned by institutional investors.

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.