Ermenegildo Zegna (NYSE:ZGN) Sees Strong Trading Volume – Time to Buy?

Shares of Ermenegildo Zegna (NYSE:ZGN) saw an uptick in 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.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ZGN shares. Bank of America cut shares of Ermenegildo Zegna from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $13.00 to $9.80 in a report on Monday, September 23rd. Morgan Stanley started coverage on Ermenegildo Zegna in a report on Friday, November 22nd. They set an “underweight” rating and a $7.20 target price for the company. Finally, BNP Paribas raised shares of Ermenegildo Zegna to a “hold” rating in a research report on Monday, December 2nd.

Ermenegildo Zegna Stock Down 0.2 %

The business has a fifty day simple moving average of $8.03 and a 200 day simple moving average of $9.44. The company has a current ratio of 1.41, a quick ratio of 0.79 and a debt-to-equity ratio of 0.24.

Institutional Trading of Ermenegildo Zegna

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. XTX Topco Ltd acquired a new stake in Ermenegildo Zegna during the third quarter worth about $215,000. Jane Street Group LLC purchased a new stake in Ermenegildo Zegna during the third quarter worth about $222,000. Arizona PSPRS Trust acquired a new stake in shares of Ermenegildo Zegna during the third quarter worth about $979,000. PDT Partners LLC boosted its stake in shares of Ermenegildo Zegna by 144.0% in the third 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 during the period. Finally, Verition Fund Management LLC acquired a new position in shares of Ermenegildo Zegna in the third quarter valued at approximately $149,000. 12.91% of the stock is owned by institutional investors and hedge funds.

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.