Ermenegildo Zegna (NYSE:ZGN) Sees Strong Trading Volume – Time to Buy?

Ermenegildo Zegna N.V. (NYSE:ZGN) shares saw unusually-strong trading volume on Thursday. 1,209,314 shares were traded during mid-day trading, an increase of 22% from the average daily volume of 988,648 shares. The stock last traded at $13.5680 and had previously closed at $14.88.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Royal Bank Of Canada started coverage on shares of Ermenegildo Zegna in a report on Tuesday, October 27th. They issued an “outperform” rating and a $16.00 price objective for the company. BNP Paribas Exane lowered shares of Ermenegildo Zegna from a “neutral” rating to an “underperform” rating and set a $12.20 target price on the stock. in a report on Tuesday, August 11th. HSBC assumed coverage on shares of Ermenegildo Zegna in a research note on Tuesday, October 6th. They issued a “buy” rating and a $16.00 price target for the company. The Goldman Sachs Group restated a “neutral” rating on shares of Ermenegildo Zegna in a report on Sunday, October 4th. Finally, Morgan Stanley set a $13.00 price target on shares of Ermenegildo Zegna in a research report on Monday, September 7th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $14.08.

Ermenegildo Zegna Trading Down 8.1%

The business has a 50-day simple moving average of $12.80 and a 200-day simple moving average of $12.44. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.47 and a quick ratio of 0.80.

Insider Activity at Ermenegildo Zegna

In other news, Director Michele Norsa sold 8,000 shares of Ermenegildo Zegna stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $13.29, for a total value of $106,320.00. Following the transaction, the director directly owned 158,348 shares of the company’s stock, valued at $2,104,444.92. The trade was a 4.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.20% of the company’s stock.

Institutional Trading of Ermenegildo Zegna

Hedge funds have recently modified their holdings of the business. Amundi acquired a new stake in Ermenegildo Zegna during the first quarter worth about $10,686,000. Walleye Capital LLC raised its holdings in shares of Ermenegildo Zegna by 1,938.7% in the 1st quarter. Walleye Capital LLC now owns 665,851 shares of the company’s stock worth $6,938,000 after purchasing an additional 633,191 shares during the period. Bank of America Corp DE lifted its stake in shares of Ermenegildo Zegna by 483.2% in the 1st quarter. Bank of America Corp DE now owns 583,360 shares of the company’s stock valued at $6,079,000 after purchasing an additional 483,332 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Ermenegildo Zegna in the 2nd quarter valued at about $1,890,000. Finally, Lombard Odier Asset Management USA Corp acquired a new position in shares of Ermenegildo Zegna in the 1st quarter valued at about $1,198,000. 12.91% of the stock is owned by institutional investors and hedge funds.

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.