Ermenegildo Zegna (NYSE:ZGN) Short Interest Down 22.1% in November

Ermenegildo Zegna (NYSE:ZGN) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 1,620,000 shares, a decline of 22.1% from the October 31st total of 2,080,000 shares. Approximately 2.7% of the shares of the stock are sold short. Based on an average trading volume of 822,700 shares, the days-to-cover ratio is currently 2.0 days.

Institutional Trading of Ermenegildo Zegna

Several hedge funds have recently made changes to their positions in ZGN. Liontrust Investment Partners LLP purchased a new position in Ermenegildo Zegna in the second quarter worth approximately $2,960,000. nVerses Capital LLC lifted its stake in shares of Ermenegildo Zegna by 525.0% in the 2nd 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 last quarter. Armistice Capital LLC grew its holdings in shares of Ermenegildo Zegna by 547.4% during the 2nd quarter. Armistice Capital LLC now owns 239,235 shares of the company’s stock worth $2,833,000 after purchasing an additional 202,281 shares during the period. Public Investment Fund increased its position in shares of Ermenegildo Zegna by 25.9% during the 2nd quarter. Public Investment Fund now owns 3,710,196 shares of the company’s stock worth $43,929,000 after purchasing an additional 764,122 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in Ermenegildo Zegna in the 3rd quarter valued at about $330,000. Hedge funds and other institutional investors own 12.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on ZGN. Bank of America downgraded shares of 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 report on Monday, September 23rd. Morgan Stanley initiated coverage on Ermenegildo Zegna in a report on Friday, November 22nd. They issued an “underweight” rating and a $7.20 price target for the company.

Ermenegildo Zegna Trading Up 0.8 %

Shares of ZGN opened at $7.88 on Friday. Ermenegildo Zegna has a 12-month low of $7.13 and a 12-month high of $15.26. The firm has a 50-day moving average price of $8.15 and a 200 day moving average price of $10.14. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.41 and a quick ratio of 0.79.

About Ermenegildo Zegna

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.