Ermenegildo Zegna (NYSE:ZGN) Sees Significant Increase in Short Interest

Ermenegildo Zegna (NYSE:ZGN) was the target of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 1,850,000 shares, an increase of 23.3% from the March 15th total of 1,500,000 shares. Approximately 3.3% of the company’s stock are sold short. Based on an average daily trading volume, of 840,000 shares, the days-to-cover ratio is currently 2.2 days.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Bank of America raised shares of Ermenegildo Zegna from a “neutral” rating to a “buy” rating and decreased their target price for the company from $9.40 to $8.90 in a research report on Thursday, January 16th. TD Cowen began coverage on shares of Ermenegildo Zegna in a research report on Tuesday, February 18th. They issued a “hold” rating and a $10.00 price objective for the company.

Institutional Trading of Ermenegildo Zegna

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. acquired a new position in Ermenegildo Zegna during the fourth quarter valued at $28,000. Handelsbanken Fonder AB raised its stake in shares of Ermenegildo Zegna by 26.0% during the 1st quarter. Handelsbanken Fonder AB now owns 37,800 shares of the company’s stock valued at $280,000 after buying an additional 7,800 shares during the last quarter. Entropy Technologies LP purchased a new stake in shares of Ermenegildo Zegna in the fourth quarter worth about $84,000. Mirabella Financial Services LLP acquired a new stake in Ermenegildo Zegna during the fourth quarter worth about $87,000. Finally, Vident Advisory LLC purchased a new position in Ermenegildo Zegna during the fourth quarter valued at approximately $126,000. Institutional investors and hedge funds own 12.91% of the company’s stock.

Ermenegildo Zegna Stock Performance

Shares of Ermenegildo Zegna stock traded up $0.06 on Friday, reaching $6.92. 619,157 shares of the stock were exchanged, compared to its average volume of 657,164. The business has a 50 day moving average price of $7.63 and a two-hundred day moving average price of $8.04. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 13.05 and a beta of 0.73. Ermenegildo Zegna has a twelve month low of $6.05 and a twelve month high of $13.36. The company has a quick ratio of 0.79, a current ratio of 1.41 and a debt-to-equity ratio of 0.24.

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.