Ermenegildo Zegna (NYSE:ZGN) Sees Strong Trading Volume – Should You Buy?

Ermenegildo Zegna (NYSE:ZGN) shares saw strong trading volume on Friday . 990,266 shares changed hands during trading, an increase of 224% from the previous session’s volume of 305,265 shares.The stock last traded at $8.06 and had previously closed at $8.00.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ZGN. BNP Paribas upgraded shares of Ermenegildo Zegna to a “hold” rating in a research report on Monday, December 2nd. Bank of America lowered Ermenegildo Zegna from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $13.00 to $9.80 in a report on Monday, September 23rd. Finally, Morgan Stanley initiated coverage on Ermenegildo Zegna in a report on Friday, November 22nd. They issued an “underweight” rating and a $7.20 target price for the company.

Ermenegildo Zegna Price Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.79 and a current ratio of 1.41. The company has a market capitalization of $3.23 billion, a PE ratio of 15.61 and a beta of 0.68. The company’s 50-day simple moving average is $8.03 and its 200-day simple moving average is $9.39.

Hedge Funds Weigh In On Ermenegildo Zegna

Institutional investors have recently added to or reduced their stakes in the stock. Verition Fund Management LLC acquired a new position in Ermenegildo Zegna in the 3rd quarter valued at $149,000. XTX Topco Ltd acquired a new position in shares of 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. SG Americas Securities LLC acquired a new stake in Ermenegildo Zegna in the third quarter valued at about $330,000. Finally, PDT Partners LLC boosted its holdings in Ermenegildo Zegna by 144.0% in the 3rd quarter. PDT Partners LLC now owns 55,549 shares of the company’s stock valued at $547,000 after purchasing an additional 32,779 shares in the last quarter. Institutional investors and hedge funds own 12.91% of the company’s stock.

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.