Ermenegildo Zegna (NYSE:ZGN) Short Interest Update

Ermenegildo Zegna (NYSE:ZGN) was the target of a significant 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 trading volume, of 850,300 shares, the short-interest ratio is currently 1.9 days. Approximately 2.6% of the company’s shares are short sold.

Analysts Set New Price Targets

ZGN has been the topic of several research analyst reports. Morgan Stanley assumed 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. Bank of America raised Ermenegildo Zegna from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $9.40 to $8.90 in a research report on Thursday. Finally, BNP Paribas upgraded Ermenegildo Zegna to a “hold” rating in a report on Monday, December 2nd.

Ermenegildo Zegna Stock Up 2.7 %

ZGN traded up $0.22 during trading on Friday, hitting $8.34. The company had a trading volume of 1,847,882 shares, compared to its average volume of 535,350. The business has a 50-day moving average of $8.09 and a 200-day moving average of $9.14. 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 1-year low of $7.13 and a 1-year high of $15.26.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Verition Fund Management LLC purchased a new position in Ermenegildo Zegna in the 3rd quarter worth about $149,000. XTX Topco Ltd bought a new stake in shares of Ermenegildo Zegna during the 3rd quarter worth about $215,000. Jane Street Group LLC bought a new position in shares of Ermenegildo Zegna in the third quarter valued at approximately $222,000. SG Americas Securities LLC acquired a new position in Ermenegildo Zegna during the 3rd quarter worth $330,000. Finally, PDT Partners LLC lifted its position in shares of Ermenegildo Zegna by 144.0% during the 3rd quarter. PDT Partners LLC now owns 55,549 shares of the company’s stock worth $547,000 after purchasing an additional 32,779 shares during the last quarter. Institutional investors and hedge funds own 12.91% of the company’s stock.

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.