Ermenegildo Zegna (NYSE:ZGN) Short Interest Down 13.6% in December

Ermenegildo Zegna (NYSE:ZGN) was the target of a large drop in short interest in December. As of December 31st, there was short interest totalling 1,590,000 shares, a drop of 13.6% from the December 15th total of 1,840,000 shares. Based on an average daily volume of 850,300 shares, the days-to-cover ratio is currently 1.9 days. Currently, 2.6% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. BNP Paribas raised shares of Ermenegildo Zegna to a “hold” rating in a research note on Monday, December 2nd. Bank of America raised Ermenegildo Zegna from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $9.40 to $8.90 in a report on Thursday. Finally, Morgan Stanley started coverage on Ermenegildo Zegna in a report on Friday, November 22nd. They set an “underweight” rating and a $7.20 price target for the company.

Ermenegildo Zegna Stock Performance

NYSE:ZGN traded up $0.46 during trading hours on Thursday, hitting $8.15. 1,959,767 shares of the stock were exchanged, compared to its average volume of 769,304. 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 50 day moving average is $8.05 and its two-hundred day moving average is $9.17. Ermenegildo Zegna has a twelve month low of $7.13 and a twelve month high of $15.26.

Hedge Funds Weigh In On Ermenegildo Zegna

Large investors have recently made changes to their positions in the company. Public Investment Fund lifted its position in Ermenegildo Zegna by 25.9% during the 2nd quarter. Public Investment Fund now owns 3,710,196 shares of the company’s stock valued at $43,929,000 after purchasing an additional 764,122 shares during the period. QVIDTVM Management LLC acquired a new position in Ermenegildo Zegna in the third quarter valued at approximately $2,908,000. Roubaix Capital LLC bought a new position in Ermenegildo Zegna in the third quarter valued at approximately $2,481,000. Armistice Capital LLC raised its position in shares of Ermenegildo Zegna by 547.4% during the 2nd quarter. Armistice Capital LLC now owns 239,235 shares of the company’s stock valued at $2,833,000 after acquiring an additional 202,281 shares during the last quarter. Finally, Arizona PSPRS Trust acquired a new position in shares of Ermenegildo Zegna in the 3rd quarter valued at $979,000. 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.