Ermenegildo Zegna (NYSE:ZGN) Shares Gap Up – Should You Buy?

Ermenegildo Zegna (NYSE:ZGN)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $7.08, but opened at $7.95. Ermenegildo Zegna shares last traded at $7.70, with a volume of 173,537 shares traded.

Analyst Ratings Changes

A number of research firms have recently issued reports on ZGN. Bank of America upgraded Ermenegildo Zegna from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $9.40 to $8.90 in a research report on Thursday, January 16th. TD Cowen assumed coverage on shares of Ermenegildo Zegna in a research note on Tuesday, February 18th. They issued a “hold” rating and a $10.00 price objective for the company. Finally, BNP Paribas raised Ermenegildo Zegna to a “hold” rating in a report on Monday, December 2nd.

Ermenegildo Zegna Stock Down 0.6 %

The firm’s 50-day simple moving average is $8.36 and its two-hundred day simple moving average is $8.33. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 14.56 and a beta of 0.69. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.79 and a current ratio of 1.41.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Public Investment Fund boosted its holdings in Ermenegildo Zegna by 57.3% in the fourth quarter. Public Investment Fund now owns 5,834,324 shares of the company’s stock valued at $48,192,000 after acquiring an additional 2,124,128 shares during the last quarter. Alpine Investment Management Ltd acquired a new position in Ermenegildo Zegna during the 4th quarter valued at about $7,100,000. Tabor Asset Management LP boosted its stake in shares of Ermenegildo Zegna by 362.0% in the 4th quarter. Tabor Asset Management LP now owns 959,643 shares of the company’s stock valued at $7,927,000 after purchasing an additional 751,930 shares during the last quarter. Invesco Ltd. grew its position in shares of Ermenegildo Zegna by 10.0% during the 4th quarter. Invesco Ltd. now owns 6,386,184 shares of the company’s stock worth $52,750,000 after buying an additional 581,696 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Ermenegildo Zegna during the fourth quarter worth approximately $4,172,000. 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.