Ermenegildo Zegna (NYSE:ZGN) Sees Large Volume Increase – Here’s What Happened

Ermenegildo Zegna (NYSE:ZGN) saw an uptick in trading volume on Thursday . 1,821,674 shares traded hands during mid-day trading, an increase of 232% from the previous session’s volume of 549,110 shares.The stock last traded at $7.43 and had previously closed at $7.15.

Analysts Set New Price Targets

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

Ermenegildo Zegna Stock Up 4.2 %

The stock has a 50-day simple moving average of $8.87 and a 200 day simple moving average of $10.66. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.79 and a current ratio of 1.41.

Institutional Trading of Ermenegildo Zegna

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Ermenegildo Zegna in the 1st quarter valued at about $353,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Ermenegildo Zegna in the 1st quarter valued at about $563,000. Capital Research Global Investors acquired a new position in shares of Ermenegildo Zegna in the 1st quarter valued at about $54,202,000. Capital World Investors lifted its holdings in shares of Ermenegildo Zegna by 34.6% in the 1st quarter. Capital World Investors now owns 5,195,013 shares of the company’s stock valued at $76,107,000 after buying an additional 1,335,945 shares during the period. Finally, Quadrature Capital Ltd lifted its holdings in shares of 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 buying an additional 62,488 shares during the period. Institutional investors and hedge funds 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.