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

Shares of On Holding AG (NYSE:ONON) gapped down prior to trading on Friday . The stock had previously closed at $46.00, but opened at $44.84. ON shares last traded at $43.61, with a volume of 774,507 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ONON shares. HSBC raised ON from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Tuesday, March 11th. TD Cowen upped their price objective on shares of ON from $65.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Stifel Nicolaus raised their target price on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. The Goldman Sachs Group lowered shares of ON from a “buy” rating to a “neutral” rating and set a $57.00 price target on the stock. in a report on Wednesday, February 12th. Finally, UBS Group lifted their price objective on ON from $65.00 to $73.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, ON has an average rating of “Buy” and a consensus price target of $61.90.

ON Price Performance

The firm has a market cap of $27.74 billion, a price-to-earnings ratio of 102.67, a PEG ratio of 1.02 and a beta of 2.35. The business has a fifty day simple moving average of $52.41 and a 200 day simple moving average of $52.62.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONON. Wealth Enhancement Advisory Services LLC raised its position in shares of ON by 3.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,707 shares of the company’s stock valued at $1,025,000 after buying an additional 705 shares during the last quarter. Wealthedge Investment Advisors LLC acquired a new stake in ON in the 4th quarter valued at about $1,556,000. Park Square Financial Group LLC acquired a new stake in ON in the 4th quarter valued at about $32,000. Azzad Asset Management Inc. ADV lifted its stake in ON by 0.4% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 146,393 shares of the company’s stock worth $8,018,000 after purchasing an additional 608 shares in the last quarter. Finally, Bernard Wealth Management Corp. acquired a new position in shares of ON during the 4th quarter worth approximately $44,000. 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, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.