Ermenegildo Zegna (NYSE:ZGN) Shares Gap Up – What’s Next?

Ermenegildo Zegna (NYSE:ZGN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $7.29, but opened at $7.69. Ermenegildo Zegna shares last traded at $7.55, with a volume of 262,718 shares.

Analyst Upgrades and Downgrades

Separately, Bank of America downgraded shares of Ermenegildo Zegna from a “buy” rating to a “neutral” rating and reduced their price target for the company from $13.00 to $9.80 in a report on Monday, September 23rd.

Ermenegildo Zegna Trading Up 1.7 %

The company has a quick ratio of 0.79, a current ratio of 1.41 and a debt-to-equity ratio of 0.24. The firm’s 50 day simple moving average is $8.63 and its 200 day simple moving average is $10.52.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC lifted its holdings in Ermenegildo Zegna by 525.0% in the second quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock worth $30,000 after purchasing an additional 2,100 shares during the period. SG Americas Securities LLC acquired a new position in Ermenegildo Zegna during the third quarter worth about $330,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Ermenegildo Zegna during the 1st quarter valued at about $353,000. Quadrature Capital Ltd raised its holdings in shares of Ermenegildo Zegna by 162.0% in the 1st quarter. Quadrature Capital Ltd now owns 101,067 shares of the company’s stock worth $1,483,000 after purchasing an additional 62,488 shares in the last quarter. Finally, Roubaix Capital LLC acquired a new stake in Ermenegildo Zegna during the third quarter valued at approximately $2,481,000. 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.