Morgan Stanley Initiates Coverage on Ermenegildo Zegna (NYSE:ZGN)

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

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

Ermenegildo Zegna Stock Up 0.4 %

Shares of NYSE ZGN opened at $7.70 on Friday. 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 stock’s 50-day simple moving average is $8.26 and its 200-day simple moving average is $10.27. Ermenegildo Zegna has a 1 year low of $7.13 and a 1 year high of $15.26.

Institutional Trading of Ermenegildo Zegna

A number of hedge funds have recently added to or reduced their stakes in ZGN. nVerses Capital LLC grew its holdings in shares of Ermenegildo Zegna by 525.0% during the second quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock valued at $30,000 after buying an additional 2,100 shares during the last quarter. Verition Fund Management LLC purchased a new position in Ermenegildo Zegna during the third quarter worth about $149,000. XTX Topco Ltd purchased a new position in Ermenegildo Zegna during the third quarter worth about $215,000. Jane Street Group LLC purchased a new position in Ermenegildo Zegna during the third quarter worth about $222,000. Finally, SG Americas Securities LLC purchased a new position in Ermenegildo Zegna in the third quarter valued at about $330,000. Institutional investors and hedge funds own 12.91% of the company’s stock.

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.