Ermenegildo Zegna (NYSE:ZGN) Shares Gap Up - Still a Buy?

Key Points

• Ermenegildo Zegna shares gapped up from $8.76 to $9.16 before closing at $9.22, indicating increased interest among investors.
• Analysts have a consensus rating of "Hold" on ZGN shares, with price targets ranging from $10.00 to $12.90 established by multiple firms including JPMorgan and Jefferies.
• Institutional investors own 12.91% of Ermenegildo Zegna stock, with several buying new positions in the company recently.

Shares of Ermenegildo Zegna N.V. (NYSE:ZGN - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $8.76, but opened at $9.16. Ermenegildo Zegna shares last traded at $9.22, with a volume of 519,972 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ZGN shares. Weiss Ratings reissued a "hold (c)" rating on shares of Ermenegildo Zegna in a report on Wednesday, October 8th. JPMorgan Chase & Co. started coverage on Ermenegildo Zegna in a report on Monday, September 15th. They set an "overweight" rating and a $11.00 price target on the stock. Jefferies Financial Group started coverage on Ermenegildo Zegna in a report on Tuesday. They set a "buy" rating and a $12.90 price target on the stock. Bank of America increased their price target on Ermenegildo Zegna from $9.50 to $10.00 and gave the company a "buy" rating in a report on Tuesday, September 23rd. Finally, Oddo Bhf set a $11.50 price target on Ermenegildo Zegna in a report on Wednesday, September 17th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $10.43.

Ermenegildo Zegna Trading Up 7.2%

The stock has a fifty day moving average of $8.82 and a 200 day moving average of $8.44. The company has a market capitalization of $3.83 billion, a P/E ratio of 17.80, a PEG ratio of 2.05 and a beta of 0.75. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.79 and a current ratio of 1.42.

Hedge Funds Weigh In On Ermenegildo Zegna

A number of institutional investors have recently bought and sold shares of ZGN. California State Teachers Retirement System bought a new position in Ermenegildo Zegna in the 2nd quarter worth $33,000. Quarry LP bought a new position in Ermenegildo Zegna in the 1st quarter worth $43,000. Ameritas Investment Partners Inc. bought a new position in Ermenegildo Zegna in the 2nd quarter worth $54,000. Lazard Asset Management LLC bought a new position in Ermenegildo Zegna in the 2nd quarter worth $54,000. Finally, Legal & General Group Plc purchased a new stake in Ermenegildo Zegna in the 2nd quarter worth $59,000. 12.91% of the stock is owned by institutional investors.

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.

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