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

Ermenegildo Zegna N.V. (NYSE:ZGN)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $11.02, but opened at $10.49. Ermenegildo Zegna shares last traded at $10.06, with a volume of 394,409 shares traded.

Wall Street Analyst Weigh In

ZGN has been the subject of several research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Ermenegildo Zegna in a research report on Wednesday, October 8th. Bank of America reiterated a “neutral” rating and issued a $11.20 price target (down previously from $11.50) on shares of Ermenegildo Zegna in a research report on Friday. Jefferies Financial Group assumed coverage on Ermenegildo Zegna in a report on Tuesday, October 14th. They issued a “buy” rating and a $12.90 target price for the company. Sanford C. Bernstein assumed coverage on shares of Ermenegildo Zegna in a research report on Tuesday, November 25th. They set an “outperform” rating and a $13.00 price objective on the stock. Finally, UBS Group raised their price objective on Ermenegildo Zegna from $9.50 to $10.00 and gave the stock a “neutral” rating in a report on Friday, October 24th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Ermenegildo Zegna currently has an average rating of “Hold” and an average target price of $11.37.

Ermenegildo Zegna Trading Down 10.7%

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.79 and a current ratio of 1.42. The company has a 50 day simple moving average of $10.41 and a two-hundred day simple moving average of $9.54.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC purchased a new stake in Ermenegildo Zegna during the 2nd quarter worth approximately $377,000. Goldman Sachs Group Inc. raised its holdings in shares of Ermenegildo Zegna by 22.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 134,503 shares of the company’s stock worth $995,000 after acquiring an additional 24,862 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Ermenegildo Zegna in the second quarter valued at about $356,000. Temasek Holdings Private Ltd acquired a new stake in shares of Ermenegildo Zegna during the 2nd quarter worth approximately $108,585,000. Finally, Envestnet Asset Management Inc. increased its stake in Ermenegildo Zegna by 5.2% during the second quarter. Envestnet Asset Management Inc. now owns 136,326 shares of the company’s stock worth $1,166,000 after acquiring an additional 6,698 shares during the last quarter. Hedge funds and other institutional investors own 12.91% of the company’s stock.

About Ermenegildo Zegna

Ermenegildo Zegna is a global luxury fashion house specializing in men’s tailored clothing, casualwear, accessories, footwear and fragrances. With a focus on high-quality fabrics and craftsmanship, the company manages the entire value chain from wool sourcing and textile production to garment design, manufacturing and retail distribution.

Founded in 1910 by Ermenegildo Zegna in Trivero, Italy, the company began as a textile mill dedicated to producing fine wool fabrics. Over the decades it expanded into ready-to-wear clothing and built a reputation for sartorial excellence.