ON (NYSE:ONON) Shares Gap Up – Here’s What Happened

Shares of On Holding AG (NYSE:ONON) gapped up before the market opened on Wednesday . The stock had previously closed at $35.18, but opened at $43.84. ON shares last traded at $42.44, with a volume of 22,088,482 shares changing hands.

Analysts Set New Price Targets

Several analysts have commented on ONON shares. The Goldman Sachs Group set a $50.00 price objective on shares of ON in a report on Monday, October 27th. UBS Group lifted their price target on ON from $75.00 to $79.00 and gave the company a “buy” rating in a research report on Wednesday, August 13th. Raymond James Financial decreased their price objective on ON from $66.00 to $55.00 and set an “outperform” rating for the company in a report on Tuesday, October 21st. Evercore ISI decreased their price objective on shares of ON from $68.00 to $50.00 and set an “outperform” rating for the company in a report on Monday. Finally, Needham & Company LLC cut their price objective on ON from $62.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.65.

ON Stock Performance

The business has a 50 day moving average price of $41.84 and a two-hundred day moving average price of $48.30. The stock has a market cap of $26.67 billion, a P/E ratio of 94.01, a price-to-earnings-growth ratio of 4.34 and a beta of 2.18. The company has a quick ratio of 2.00, a current ratio of 2.53 and a debt-to-equity ratio of 0.31.

ON (NYSE:ONON) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.35). The company had revenue of $944.29 million for the quarter, compared to analysts’ expectations of $707.74 million. ON had a net margin of 4.45% and a return on equity of 8.75%. The company’s quarterly revenue was up 32.0% compared to the same quarter last year. During the same period last year, the business earned $0.14 earnings per share. On average, sell-side analysts forecast that On Holding AG will post 0.66 earnings per share for the current fiscal year.

Institutional Trading of ON

Hedge funds have recently bought and sold shares of the stock. Ramirez Asset Management Inc. boosted its holdings in shares of ON by 20.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 1,200 shares of the company’s stock valued at $62,000 after purchasing an additional 200 shares during the last quarter. CWM LLC lifted its position in shares of ON by 22.2% in the first quarter. CWM LLC now owns 1,259 shares of the company’s stock worth $55,000 after buying an additional 229 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in ON by 1.0% during the second quarter. Asset Management One Co. Ltd. now owns 24,939 shares of the company’s stock valued at $1,298,000 after buying an additional 243 shares during the last quarter. Lido Advisors LLC grew its holdings in ON by 1.2% during the 2nd quarter. Lido Advisors LLC now owns 23,754 shares of the company’s stock valued at $1,236,000 after buying an additional 285 shares in the last quarter. Finally, Sterling Investment Counsel LLC increased its stake in ON by 5.5% in the 2nd quarter. Sterling Investment Counsel LLC now owns 5,750 shares of the company’s stock worth $299,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON Company Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.