Ermenegildo Zegna (NYSE:ZGN) Sees Large Volume Increase – Time to Buy?

Ermenegildo Zegna (NYSE:ZGN) saw an uptick in trading volume on Thursday . 323,433 shares changed hands during mid-day trading, a decline of 45% from the previous session’s volume of 587,996 shares.The stock last traded at $8.02 and had previously closed at $7.69.

Wall Street Analysts Forecast Growth

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

Ermenegildo Zegna Stock Performance

The business has a 50 day moving average price of $8.09 and a 200 day moving average price of $9.14. The company has a quick ratio of 0.79, a current ratio of 1.41 and a debt-to-equity ratio of 0.24.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Public Investment Fund lifted its stake in shares of Ermenegildo Zegna by 25.9% in the 2nd quarter. Public Investment Fund now owns 3,710,196 shares of the company’s stock worth $43,929,000 after purchasing an additional 764,122 shares during the period. QVIDTVM Management LLC bought a new position in Ermenegildo Zegna in the third quarter worth approximately $2,908,000. Roubaix Capital LLC purchased a new position in shares of Ermenegildo Zegna during the 3rd quarter worth $2,481,000. Armistice Capital LLC grew 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 period. Finally, Arizona PSPRS Trust purchased a new stake in shares of Ermenegildo Zegna in the 3rd quarter worth $979,000. Hedge funds and other institutional investors own 12.91% of the company’s stock.

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.