Morgan Stanley Begins Coverage on Ermenegildo Zegna (NYSE:ZGN)

Equities researchers at Morgan Stanley started coverage on shares of Ermenegildo Zegna (NYSE:ZGN) in a report released on Friday, MarketBeat reports. The brokerage set an “underweight” rating and a $7.20 price target on the stock. Morgan Stanley’s target price would suggest a potential downside of 6.49% from the stock’s previous close.

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

Ermenegildo Zegna Price Performance

ZGN opened at $7.70 on Friday. The stock’s 50 day moving average price is $8.26 and its 200-day moving average price is $10.25. Ermenegildo Zegna has a 52-week low of $7.13 and a 52-week high of $15.26. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.41 and a quick ratio of 0.79.

Hedge Funds Weigh In On Ermenegildo Zegna

Hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC grew its position in shares of 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 acquiring an additional 2,100 shares during the period. Verition Fund Management LLC bought a new stake in Ermenegildo Zegna during the third quarter valued at about $149,000. XTX Topco Ltd purchased a new stake in Ermenegildo Zegna in the third quarter worth about $215,000. Jane Street Group LLC bought a new position in shares of Ermenegildo Zegna in the third quarter worth about $222,000. Finally, PDT Partners LLC lifted its position in shares of Ermenegildo Zegna by 144.0% during the 3rd quarter. PDT Partners LLC now owns 55,549 shares of the company’s stock valued at $547,000 after buying an additional 32,779 shares in the last quarter. 12.91% of the stock is owned by institutional investors.

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.