Ermenegildo Zegna (NYSE:ZGN) Sees Large Drop in Short Interest

Ermenegildo Zegna (NYSE:ZGN) saw a significant decrease in short interest in the month of January. As of January 15th, there was short interest totalling 1,590,000 shares, a decrease of 13.6% from the December 31st total of 1,840,000 shares. Approximately 2.6% of the shares of the company are short sold. Based on an average daily trading volume, of 850,300 shares, the days-to-cover ratio is currently 1.9 days.

Ermenegildo Zegna Price Performance

Shares of Ermenegildo Zegna stock opened at $9.23 on Thursday. Ermenegildo Zegna has a 52-week low of $7.13 and a 52-week high of $15.26. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.79 and a current ratio of 1.41. The stock’s 50-day simple moving average is $8.32 and its 200 day simple moving average is $8.99.

Wall Street Analysts Forecast Growth

Several analysts have commented on ZGN shares. Morgan Stanley assumed coverage on shares of Ermenegildo Zegna in a research report on Friday, November 22nd. They issued an “underweight” rating and a $7.20 price objective on the stock. BNP Paribas raised shares of Ermenegildo Zegna to a “hold” rating in a report on Monday, December 2nd. Finally, Bank of America raised Ermenegildo Zegna from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $9.40 to $8.90 in a report on Thursday, January 16th.

Hedge Funds Weigh In On Ermenegildo Zegna

Several large investors have recently modified their holdings of the business. Roubaix Capital LLC bought a new position in Ermenegildo Zegna in the 3rd quarter worth approximately $2,481,000. Public Investment Fund lifted its position in shares of Ermenegildo Zegna by 25.9% during the second quarter. Public Investment Fund now owns 3,710,196 shares of the company’s stock worth $43,929,000 after acquiring an additional 764,122 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Ermenegildo Zegna during the third quarter worth $222,000. QVIDTVM Management LLC bought a new position in shares of Ermenegildo Zegna in the third quarter worth $2,908,000. Finally, XTX Topco Ltd purchased a new position in shares of Ermenegildo Zegna in the third quarter valued at $215,000. Hedge funds and other institutional investors own 12.91% of the company’s stock.

Ermenegildo Zegna Company Profile

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.