ON (NYSE:ONON) Shares Gap Up – What’s Next?

On Holding AG (NYSE:ONON)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $52.71, but opened at $53.95. ON shares last traded at $50.94, with a volume of 1,990,641 shares changing hands.

Analysts Set New Price Targets

ONON has been the subject of several research analyst reports. Piper Sandler increased their target price on ON from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Barclays raised their price target on ON from $40.00 to $47.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Hsbc Global Res raised ON to a “hold” rating in a report on Thursday, September 5th. Stifel Nicolaus lifted their target price on ON from $45.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, HSBC initiated coverage on ON in a research report on Thursday, September 5th. They issued a “hold” rating and a $52.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.37.

ON Stock Down 0.8 %

The company has a market cap of $32.92 billion, a P/E ratio of 97.68 and a beta of 2.25. The business has a 50-day moving average price of $48.97 and a two-hundred day moving average price of $42.76.

ON (NYSE:ONON) last released its earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The firm had revenue of $627.66 million for the quarter, compared to the consensus estimate of $634.43 million. ON had a return on equity of 13.02% and a net margin of 7.42%. As a group, sell-side analysts expect that On Holding AG will post 0.75 EPS for the current fiscal year.

Institutional Investors Weigh In On ON

A number of institutional investors and hedge funds have recently made changes to their positions in ONON. Private Advisor Group LLC bought a new position in shares of ON during the 1st quarter valued at about $521,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in ON in the 1st quarter valued at $958,000. Oppenheimer & Co. Inc. acquired a new position in ON in the 1st quarter worth $208,000. Sei Investments Co. increased its holdings in ON by 16.1% during the 1st quarter. Sei Investments Co. now owns 525,478 shares of the company’s stock worth $18,591,000 after purchasing an additional 72,859 shares in the last quarter. Finally, Verus Capital Partners LLC acquired a new stake in shares of ON in the 1st quarter valued at about $202,000. Institutional investors own 33.11% of the company’s stock.

About ON

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.