Ermenegildo Zegna (NYSE:ZGN) Sees Large Decline in Short Interest

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

Analysts Set New Price Targets

ZGN has been the topic of a number of research analyst reports. Bank of America lowered Ermenegildo Zegna from a “buy” rating to a “neutral” rating and cut their target price for the company from $13.00 to $9.80 in a research report on Monday, September 23rd. Morgan Stanley started coverage on Ermenegildo Zegna in a research note on Friday, November 22nd. They issued an “underweight” rating and a $7.20 price objective for the company.

Institutional Investors Weigh In On Ermenegildo Zegna

A number of hedge funds have recently bought and sold shares of the stock. nVerses Capital LLC lifted its position 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 buying an additional 2,100 shares during the last quarter. Verition Fund Management LLC purchased a new stake in Ermenegildo Zegna in the 3rd quarter valued at $149,000. XTX Topco Ltd acquired a new stake in Ermenegildo Zegna during the 3rd quarter worth $215,000. Jane Street Group LLC acquired a new position in Ermenegildo Zegna in the third quarter valued at $222,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Ermenegildo Zegna in the third quarter valued at about $330,000. Institutional investors and hedge funds own 12.91% of the company’s stock.

Ermenegildo Zegna Price Performance

Shares of NYSE ZGN opened at $7.88 on Friday. The business’s fifty day simple moving average is $8.15 and its 200-day simple moving average is $10.14. Ermenegildo Zegna has a 12-month low of $7.13 and a 12-month 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.

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.