Ermenegildo Zegna (NYSE:ZGN) Reaches New 52-Week Low – Here’s What Happened

Ermenegildo Zegna (NYSE:ZGN) shares hit a new 52-week low on Tuesday . The company traded as low as $7.77 and last traded at $7.82, with a volume of 26466 shares changing hands. The stock had previously closed at $7.94.

Analyst Ratings Changes

Separately, Bank of America downgraded 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 report on Monday, September 23rd.

Ermenegildo Zegna Price Performance

The stock has a fifty day moving average of $9.25 and a 200 day moving average of $10.83. The company has a current ratio of 1.41, a quick ratio of 0.79 and a debt-to-equity ratio of 0.24.

Institutional Trading of Ermenegildo Zegna

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital World Investors raised its holdings in shares of Ermenegildo Zegna by 34.6% during the first quarter. Capital World Investors now owns 5,195,013 shares of the company’s stock worth $76,107,000 after purchasing an additional 1,335,945 shares during the last quarter. Liontrust Investment Partners LLP acquired a new position in shares of Ermenegildo Zegna in the 2nd quarter valued at about $2,960,000. Capital Research Global Investors purchased a new stake in shares of Ermenegildo Zegna in the first quarter worth about $54,202,000. Public Investment Fund boosted its stake in shares of Ermenegildo Zegna by 25.9% in the second quarter. Public Investment Fund now owns 3,710,196 shares of the company’s stock worth $43,929,000 after buying an additional 764,122 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Ermenegildo Zegna during the first quarter worth about $563,000. 12.91% of the stock is currently owned by institutional investors and hedge funds.

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.