Ermenegildo Zegna (NYSE:ZGN) Now Covered by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of Ermenegildo Zegna (NYSE:ZGN) in a research note issued to investors on Friday, Marketbeat reports. The brokerage issued an underweight rating and a $7.20 price objective on the stock.

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

Ermenegildo Zegna Trading Up 0.4 %

NYSE ZGN opened at $7.70 on Friday. Ermenegildo Zegna has a 52 week low of $7.13 and a 52 week high of $15.26. 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 company has a 50-day moving average price of $8.26 and a 200-day moving average price of $10.27.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ZGN. nVerses Capital LLC raised its position in Ermenegildo Zegna by 525.0% in the second quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock valued at $30,000 after purchasing an additional 2,100 shares during the period. Verition Fund Management LLC acquired a new stake in Ermenegildo Zegna during the 3rd quarter worth approximately $149,000. XTX Topco Ltd purchased a new position in shares of Ermenegildo Zegna during the 3rd quarter worth approximately $215,000. Jane Street Group LLC purchased a new position in Ermenegildo Zegna in the 3rd quarter valued at approximately $222,000. Finally, SG Americas Securities LLC purchased a new position in Ermenegildo Zegna in the 3rd quarter valued at approximately $330,000. 12.91% of the stock is currently 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.