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

Ermenegildo Zegna (NYSE:ZGN) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 2,080,000 shares, a decline of 29.7% from the October 15th total of 2,960,000 shares. Based on an average daily volume of 680,500 shares, the short-interest ratio is presently 3.1 days. Approximately 3.5% of the shares of the company are sold short.

Institutional Investors Weigh In On Ermenegildo Zegna

Several hedge funds have recently made changes to their positions in ZGN. nVerses Capital LLC increased its stake in Ermenegildo Zegna by 525.0% during the 2nd quarter. nVerses Capital LLC now owns 2,500 shares of the company’s stock valued at $30,000 after purchasing an additional 2,100 shares in the last quarter. Verition Fund Management LLC bought a new position in Ermenegildo Zegna in the 3rd quarter valued at approximately $149,000. SG Americas Securities LLC purchased a new stake in Ermenegildo Zegna during the 3rd quarter valued at $330,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Ermenegildo Zegna in the 1st quarter worth $353,000. Finally, PDT Partners LLC raised its stake in shares of Ermenegildo Zegna by 144.0% in the third quarter. PDT Partners LLC now owns 55,549 shares of the company’s stock worth $547,000 after purchasing an additional 32,779 shares during the last quarter. 12.91% of the stock is currently owned by institutional investors.

Ermenegildo Zegna Stock Performance

Shares of ZGN stock traded down $0.21 during trading hours on Thursday, reaching $7.45. The company’s stock had a trading volume of 1,058,805 shares, compared to its average volume of 593,098. Ermenegildo Zegna has a one year low of $7.13 and a one year high of $15.26. The firm’s fifty day simple moving average is $8.58 and its 200 day simple moving average is $10.50. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.41 and a quick ratio of 0.79.

Analyst Ratings Changes

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

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.