Ermenegildo Zegna (NYSE:ZGN) Shares Gap Down – Here’s Why

Ermenegildo Zegna (NYSE:ZGN)’s share price gapped down prior to trading on Friday . The stock had previously closed at $7.76, but opened at $7.51. Ermenegildo Zegna shares last traded at $7.61, with a volume of 153,539 shares changing hands.

Analysts Set New Price Targets

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

Ermenegildo Zegna Price Performance

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 company’s fifty day moving average price is $8.36 and its 200 day moving average price is $8.32. The company has a market capitalization of $3.13 billion, a P/E ratio of 14.56 and a beta of 0.69.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Invesco Ltd. grew its stake in Ermenegildo Zegna by 10.0% during the fourth 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 in the last quarter. Public Investment Fund boosted its position in shares of Ermenegildo Zegna by 57.3% during the 4th quarter. Public Investment Fund now owns 5,834,324 shares of the company’s stock worth $48,192,000 after acquiring an additional 2,124,128 shares in the last quarter. FIL Ltd increased its stake in Ermenegildo Zegna by 18.0% in the fourth quarter. FIL Ltd now owns 1,672,992 shares of the company’s stock valued at $13,819,000 after acquiring an additional 255,079 shares during the last quarter. Tabor Asset Management LP raised its position in Ermenegildo Zegna by 362.0% during the fourth 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 in the last quarter. Finally, Alpine Investment Management Ltd bought a new stake in Ermenegildo Zegna during the fourth quarter worth $7,100,000. Institutional investors 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.