Ermenegildo Zegna (NYSE:ZGN) Stock Jumps 6.8% – Here’s Why

Shares of Ermenegildo Zegna N.V. (NYSE:ZGN) traded up 6.8% during trading on Thursday. The stock traded as high as $13.66 and last traded at $13.8030. 192,607 shares were traded during trading, a decline of 80% from the average session volume of 975,026 shares. The stock had previously closed at $12.92.

Analysts Set New Price Targets

ZGN has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Ermenegildo Zegna from $12.50 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 30th. TD Cowen dropped their target price on Ermenegildo Zegna from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, September 4th. The Goldman Sachs Group restated a “neutral” rating on shares of Ermenegildo Zegna in a research report on Sunday, October 4th. Weiss Ratings cut Ermenegildo Zegna from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, September 3rd. Finally, UBS Group dropped their price objective on Ermenegildo Zegna from $15.50 to $15.40 and set a “buy” rating on the stock in a report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.76.

Ermenegildo Zegna Price Performance

The firm’s 50-day moving average is $12.78 and its two-hundred day moving average is $13.16. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.80 and a current ratio of 1.47.

Hedge Funds Weigh In On Ermenegildo Zegna

A number of hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in shares of Ermenegildo Zegna by 48.3% during the first quarter. EverSource Wealth Advisors LLC now owns 2,788 shares of the company’s stock worth $29,000 after purchasing an additional 908 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Ermenegildo Zegna by 216.9% in the 3rd quarter. GAMMA Investing LLC now owns 3,740 shares of the company’s stock valued at $47,000 after purchasing an additional 2,560 shares in the last quarter. State of Wyoming purchased a new position in Ermenegildo Zegna in the 1st quarter valued at $150,000. Handelsbanken Fonder AB boosted its stake in Ermenegildo Zegna by 21.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 37,800 shares of the company’s stock worth $492,000 after purchasing an additional 6,800 shares during the last quarter. Finally, Central Pacific Bank Trust Division raised its position in shares of Ermenegildo Zegna by 28.1% in the second quarter. Central Pacific Bank Trust Division now owns 43,302 shares of the company’s stock valued at $564,000 after buying an additional 9,492 shares during the last quarter. Institutional investors and hedge funds own 12.91% of the company’s stock.

About Ermenegildo Zegna

Ermenegildo Zegna N.V. is a global luxury-goods group specializing in menswear, accessories and related lifestyle products. Its portfolio includes the Zegna brand, known for tailored clothing, ready-to-wear apparel, footwear, leather goods and fabrics, as well as Thom Browne, a luxury fashion brand offering menswear, womenswear, accessories and footwear.

The company also operates the TOM FORD FASHION business, which includes luxury apparel, accessories and footwear under the TOM FORD brand.