ON (NYSE:ONON) Reaches New 52-Week Low – What’s Next?

On Holding AG (NYSE:ONON) shares hit a new 52-week low on Thursday . The company traded as low as $26.42 and last traded at $26.4420, with a volume of 1694596 shares changing hands. The stock had previously closed at $27.15.

ON News Summary

Here are the key news stories impacting ON this week:

• Positive Sentiment: Analyst support remains strong. BTIG Research reaffirmed its “buy” rating and set a $60 price target, implying substantial upside from current levels. Berenberg also upgraded On Holding to “strong-buy.” BTIG rating and price target Berenberg upgrade
• Positive Sentiment: Valuation-focused coverage suggests potential upside. Recent analyses argue that On Holding may be undervalued based on its earnings potential, while its direct-to-consumer strategy could support higher profit margins in 2026. On Holding valuation analysis On Holding 2026 outlook
• Neutral Sentiment: Coverage comparing On Holding with Superior Group of Companies provides additional financial context but does not identify a material new catalyst for ONON. Financial survey
• Negative Sentiment: Options traders are positioning defensively. Traders purchased 42,982 put options, roughly 191% above the average daily volume, signaling elevated expectations for further downside or increased demand for downside protection. Put options activity
• Negative Sentiment: The latest earnings report showed adjusted EPS of $0.35 versus the $0.42 consensus estimate, while revenue of $1.05 billion also fell short of the $1.09 billion forecast. Those misses are weighing on investor confidence despite 13.5% annual revenue growth.

Analyst Upgrades and Downgrades

Several analysts recently commented on ONON shares. UBS Group decreased their price target on shares of ON from $83.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. JPMorgan Chase & Co. started coverage on shares of ON in a research note on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 price objective on the stock. Raymond James Financial lowered shares of ON from a “strong-buy” rating to an “outperform” rating and decreased their target price for the company from $52.00 to $38.00 in a research note on Wednesday, August 12th. Robert W. Baird lowered their price target on shares of ON from $70.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. Finally, Weiss Ratings cut shares of ON from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.92.

ON Stock Down 2.3%

The stock has a market cap of $16.92 billion, a price-to-earnings ratio of 18.04, a P/E/G ratio of 0.54 and a beta of 2.08. The business has a fifty day moving average of $32.87 and a 200 day moving average of $35.73. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.83 and a quick ratio of 2.25.

ON (NYSE:ONON) last posted its earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.09 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. ON’s revenue was up 13.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.09) earnings per share. On average, equities analysts predict that On Holding AG will post 1.49 earnings per share for the current year.

Insider Buying and Selling at ON

In other ON news, CEO Caspar Coppetti bought 65,000 shares of the stock in a transaction on Friday, August 14th. The shares were purchased at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the transaction, the chief executive officer directly owned 2,440,855 shares of the company’s stock, valued at $74,861,022.85. This represents a 2.74% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Olivier Bernhard bought 65,000 shares of the business’s stock in a transaction on Friday, August 14th. The shares were bought at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the completion of the acquisition, the insider owned 5,228,184 shares of the company’s stock, valued at approximately $160,348,403.28. This represents a 1.26% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 68.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC acquired a new position in ON during the second quarter valued at approximately $223,000. Capital Analysts LLC lifted its stake in shares of ON by 15.5% in the second quarter. Capital Analysts LLC now owns 6,049 shares of the company’s stock worth $214,000 after buying an additional 810 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of ON by 26.8% during the 2nd quarter. NewEdge Advisors LLC now owns 25,494 shares of the company’s stock worth $903,000 after buying an additional 5,394 shares during the period. TD Waterhouse Canada Inc. boosted its stake in ON by 44.1% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 18,378 shares of the company’s stock valued at $654,000 after purchasing an additional 5,625 shares during the period. Finally, Concurrent Investment Advisors LLC acquired a new stake in shares of ON in the second quarter worth $288,000. Institutional investors and hedge funds own 36.39% of the company’s stock.

About ON

On Holding AG, known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company is particularly recognized for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and Speedboard components designed to support comfort, responsiveness and energy return.

On serves athletes and consumers across categories including running, outdoor activities, training and everyday performance. Its products are sold through the company’s direct-to-consumer channels, including its website and branded retail stores, as well as through a network of wholesale partners in markets around the world.

On was founded in 2010 in Switzerland by Olivier Bernhard, David Allemann and Caspar Coppetti.