Short Interest in Ermenegildo Zegna (NYSE:ZGN) Increases By 26.5%

Ermenegildo Zegna (NYSE:ZGN) saw a large increase in short interest in November. As of November 30th, there was short interest totalling 2,050,000 shares, an increase of 26.5% from the November 15th total of 1,620,000 shares. Approximately 3.4% of the company’s shares are sold short. Based on an average trading volume of 926,500 shares, the days-to-cover ratio is presently 2.2 days.

Ermenegildo Zegna Stock Up 1.6 %

NYSE:ZGN traded up $0.14 during mid-day trading on Friday, hitting $8.78. The stock had a trading volume of 674,846 shares, compared to its average volume of 618,459. Ermenegildo Zegna has a twelve month low of $7.13 and a twelve month high of $15.26. The stock has a 50-day simple moving average of $8.03 and a two-hundred day simple moving average of $9.79. The company has a quick ratio of 0.79, a current ratio of 1.41 and a debt-to-equity ratio of 0.24.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Morgan Stanley assumed coverage on shares of Ermenegildo Zegna in a report on Friday, November 22nd. They issued an “underweight” rating and a $7.20 price objective for the company. Bank of America lowered Ermenegildo Zegna from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $13.00 to $9.80 in a research report on Monday, September 23rd. Finally, BNP Paribas upgraded Ermenegildo Zegna to a “hold” rating in a report on Monday, December 2nd.

Institutional Investors Weigh In On Ermenegildo Zegna

Hedge funds and other institutional investors have recently modified their holdings of the company. Liontrust Investment Partners LLP acquired a new position in shares of Ermenegildo Zegna during the second quarter worth $2,960,000. nVerses Capital LLC lifted its holdings in Ermenegildo Zegna by 525.0% during the 2nd quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock worth $30,000 after buying an additional 2,100 shares during the last quarter. Armistice Capital LLC boosted its position in shares of Ermenegildo Zegna by 547.4% during the 2nd quarter. Armistice Capital LLC now owns 239,235 shares of the company’s stock worth $2,833,000 after acquiring an additional 202,281 shares in the last quarter. Public Investment Fund increased its holdings in shares of Ermenegildo Zegna by 25.9% in the 2nd quarter. Public Investment Fund now owns 3,710,196 shares of the company’s stock valued at $43,929,000 after acquiring an additional 764,122 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Ermenegildo Zegna in the 3rd quarter valued at about $330,000. 12.91% of the stock is currently owned by institutional investors and hedge funds.

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.