Ermenegildo Zegna (NYSE:ZGN) Raised to Buy at Bank of America

Ermenegildo Zegna (NYSE:ZGN) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday, Marketbeat reports. The brokerage presently has a $8.90 price target on the stock, down from their previous price target of $9.40. Bank of America‘s price target suggests a potential upside of 6.77% from the stock’s previous close.

ZGN has been the topic of a number of other reports. Morgan Stanley started coverage on shares of Ermenegildo Zegna in a research report on Friday, November 22nd. They set an “underweight” rating and a $7.20 target price on the stock. BNP Paribas raised shares of Ermenegildo Zegna to a “hold” rating in a research note on Monday, December 2nd.

Ermenegildo Zegna Price Performance

ZGN opened at $8.34 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.41 and a quick ratio of 0.79. The company’s 50 day simple moving average is $8.07 and its 200-day simple moving average is $9.16. Ermenegildo Zegna has a one year low of $7.13 and a one year high of $15.26.

Institutional Investors Weigh In On Ermenegildo Zegna

Several hedge funds have recently bought and sold shares of the company. Verition Fund Management LLC bought a new stake in shares of Ermenegildo Zegna in the third quarter worth about $149,000. XTX Topco Ltd acquired a new position in shares of Ermenegildo Zegna in the 3rd quarter valued at approximately $215,000. Jane Street Group LLC bought a new stake in Ermenegildo Zegna during the 3rd quarter worth approximately $222,000. PDT Partners LLC raised its holdings in Ermenegildo Zegna by 144.0% during the 3rd quarter. PDT Partners LLC now owns 55,549 shares of the company’s stock worth $547,000 after buying an additional 32,779 shares during the period. Finally, SG Americas Securities LLC bought a new position in Ermenegildo Zegna in the third quarter valued at approximately $330,000. 12.91% of the stock is currently owned by institutional investors and hedge funds.

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.