Ermenegildo Zegna (NYSE:ZGN) Sees Significant Drop in Short Interest

Ermenegildo Zegna (NYSE:ZGN) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 2,080,000 shares, a decline of 29.7% from the October 15th total of 2,960,000 shares. Based on an average daily volume of 680,500 shares, the short-interest ratio is currently 3.1 days. Currently, 3.5% of the shares of the company are sold short.

Analyst Ratings Changes

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

Ermenegildo Zegna Stock Performance

Shares of Ermenegildo Zegna stock traded down $0.21 during trading hours on Thursday, reaching $7.45. 1,058,805 shares of the stock traded hands, compared to its average volume of 593,098. The company has a 50 day moving average price of $8.58 and a 200 day moving average price of $10.50. Ermenegildo Zegna has a one year low of $7.13 and a one year high of $15.26. 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. nVerses Capital LLC boosted its stake in shares of Ermenegildo Zegna by 525.0% during the 2nd quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock worth $30,000 after acquiring an additional 2,100 shares during the last quarter. Verition Fund Management LLC purchased a new position in Ermenegildo Zegna during the third quarter valued at $149,000. SG Americas Securities LLC bought a new stake in Ermenegildo Zegna during the third quarter valued at about $330,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Ermenegildo Zegna during the first quarter valued at about $353,000. Finally, PDT Partners LLC increased its position in Ermenegildo Zegna by 144.0% in the third quarter. PDT Partners LLC now owns 55,549 shares of the company’s stock worth $547,000 after buying an additional 32,779 shares in the last quarter. 12.91% of the stock is owned by hedge funds and other 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.