Ermenegildo Zegna (NYSE:ZGN) Shares Gap Up – Here’s Why

Shares of Ermenegildo Zegna N.V. (NYSE:ZGN) gapped up prior to trading on Thursday . The stock had previously closed at $9.71, but opened at $10.36. Ermenegildo Zegna shares last traded at $9.7960, with a volume of 141,649 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Sanford C. Bernstein started coverage on Ermenegildo Zegna in a research report on Tuesday, November 25th. They set an “outperform” rating and a $13.00 price target on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Ermenegildo Zegna in a research note on Wednesday, January 21st. Bank of America reissued a “neutral” rating and set a $11.20 price target (down from $11.50) on shares of Ermenegildo Zegna in a report on Friday, January 16th. Jefferies Financial Group began coverage on Ermenegildo Zegna in a research report on Tuesday, October 14th. They set a “buy” rating and a $12.90 target price on the stock. Finally, UBS Group upgraded Ermenegildo Zegna from a “neutral” rating to a “buy” rating and set a $11.50 price target on the stock in a research note on Thursday. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Ermenegildo Zegna has a consensus rating of “Moderate Buy” and an average target price of $11.59.

Ermenegildo Zegna Price Performance

The business’s 50-day moving average is $10.23 and its two-hundred day moving average is $9.59. The company has a current ratio of 1.42, a quick ratio of 0.79 and a debt-to-equity ratio of 0.18.

Institutional Trading of Ermenegildo Zegna

A number of institutional investors and hedge funds have recently modified their holdings of the business. Temasek Holdings Private Ltd increased its holdings in Ermenegildo Zegna by 114.5% in the third quarter. Temasek Holdings Private Ltd now owns 27,242,276 shares of the company’s stock worth $257,440,000 after buying an additional 14,542,295 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Ermenegildo Zegna in the third quarter worth approximately $22,609,000. Artisan Partners Limited Partnership increased its stake in shares of Ermenegildo Zegna by 1.2% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,123,543 shares of the company’s stock worth $20,067,000 after purchasing an additional 24,894 shares during the last quarter. Portolan Capital Management LLC lifted its stake in shares of Ermenegildo Zegna by 15.6% in the 3rd quarter. Portolan Capital Management LLC now owns 1,369,176 shares of the company’s stock valued at $12,939,000 after purchasing an additional 185,190 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Ermenegildo Zegna by 182.8% in the first quarter. Millennium Management LLC now owns 1,149,055 shares of the company’s stock worth $8,503,000 after purchasing an additional 742,680 shares in the last quarter. 12.91% of the stock is owned by institutional investors and hedge funds.

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.