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

Shares of Ermenegildo Zegna (NYSE:ZGN) gapped up before the market opened on Tuesday . The stock had previously closed at $7.29, but opened at $7.69. Ermenegildo Zegna shares last traded at $7.55, with a volume of 262,718 shares.

Analysts Set New Price Targets

Separately, Bank of America lowered shares of Ermenegildo Zegna from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $13.00 to $9.80 in a report on Monday, September 23rd.

Ermenegildo Zegna Trading Up 5.2 %

The business has a fifty day moving average of $8.69 and a 200-day moving average of $10.55. 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 Investors Weigh In On Ermenegildo Zegna

A number of institutional investors have recently bought and sold shares of the business. nVerses Capital LLC increased its position in Ermenegildo Zegna by 525.0% in the 2nd quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock worth $30,000 after buying an additional 2,100 shares during the period. SG Americas Securities LLC bought a new stake in Ermenegildo Zegna in the third quarter valued at about $330,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Ermenegildo Zegna in the first quarter worth about $353,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Ermenegildo Zegna in the first quarter worth about $563,000. Finally, Quadrature Capital Ltd lifted its stake in Ermenegildo Zegna by 162.0% in the 1st quarter. Quadrature Capital Ltd now owns 101,067 shares of the company’s stock valued at $1,483,000 after acquiring an additional 62,488 shares in the last quarter. 12.91% of the stock is currently 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.