Ermenegildo Zegna (NYSE:ZGN) Shares Gap Up – Here’s Why

Shares of Ermenegildo Zegna N.V. (NYSE:ZGN) gapped up prior to trading on Thursday . The stock had previously closed at $9.71, but opened at $10.36. Ermenegildo Zegna shares last traded at $9.7960, with a volume of 141,649 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Sanford C. Bernstein started coverage on Ermenegildo Zegna in a research note on Tuesday, November 25th. They set an “outperform” rating and a $13.00 target price for the company. Bank of America reissued a “neutral” rating and set a $11.20 target price (down from $11.50) on shares of Ermenegildo Zegna in a report on Friday, January 16th. Weiss Ratings restated a “hold (c)” rating on shares of Ermenegildo Zegna in a report on Wednesday, January 21st. UBS Group upgraded shares of Ermenegildo Zegna from a “neutral” rating to a “buy” rating and set a $11.50 price objective for the company in a research note on Thursday. Finally, Jefferies Financial Group started coverage on shares of Ermenegildo Zegna in a research note on Tuesday, October 14th. They set a “buy” rating and a $12.90 target price on the stock. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.59.

Ermenegildo Zegna Trading Up 3.6%

The company has a quick ratio of 0.79, a current ratio of 1.42 and a debt-to-equity ratio of 0.18. The business has a 50 day moving average price of $10.21 and a two-hundred day moving average price of $9.61.

Institutional Trading of Ermenegildo Zegna

A number of large investors have recently modified their holdings of the business. Millennium Management LLC lifted its holdings in shares of Ermenegildo Zegna by 182.8% during the 1st quarter. Millennium Management LLC now owns 1,149,055 shares of the company’s stock worth $8,503,000 after acquiring an additional 742,680 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Ermenegildo Zegna by 22.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 134,503 shares of the company’s stock valued at $995,000 after purchasing an additional 24,862 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Ermenegildo Zegna during the 1st quarter valued at about $1,161,000. Envestnet Asset Management Inc. raised its stake in shares of Ermenegildo Zegna by 5.2% during the second quarter. Envestnet Asset Management Inc. now owns 136,326 shares of the company’s stock worth $1,166,000 after acquiring an additional 6,698 shares in the last quarter. Finally, Savant Capital LLC lifted its holdings in shares of Ermenegildo Zegna by 36.0% in the 2nd quarter. Savant Capital LLC now owns 14,957 shares of the company’s stock worth $128,000 after acquiring an additional 3,961 shares during the last quarter. Institutional investors own 12.91% of the company’s stock.

About Ermenegildo Zegna

Ermenegildo Zegna is a global luxury fashion house specializing in men’s tailored clothing, casualwear, accessories, footwear and fragrances. With a focus on high-quality fabrics and craftsmanship, the company manages the entire value chain from wool sourcing and textile production to garment design, manufacturing and retail distribution.

Founded in 1910 by Ermenegildo Zegna in Trivero, Italy, the company began as a textile mill dedicated to producing fine wool fabrics. Over the decades it expanded into ready-to-wear clothing and built a reputation for sartorial excellence.