ON (NYSE:ONON) Reaches New 1-Year High – Time to Buy?

On Holding AG (NYSE:ONON)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $59.19 and last traded at $59.01, with a volume of 968066 shares changing hands. The stock had previously closed at $58.33.

Analyst Ratings Changes

ONON has been the subject of several research reports. UBS Group raised their price target on ON from $61.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on ON from $50.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Truist Financial lifted their target price on ON from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Telsey Advisory Group reissued an “outperform” rating and set a $53.00 target price on shares of ON in a report on Tuesday, November 12th. Finally, Needham & Company LLC initiated coverage on ON in a report on Friday, November 22nd. They set a “buy” rating and a $64.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ON has an average rating of “Moderate Buy” and a consensus target price of $56.05.

ON Price Performance

The company has a fifty day moving average price of $51.16 and a two-hundred day moving average price of $44.97. The company has a market capitalization of $36.97 billion, a P/E ratio of 135.65 and a beta of 2.25.

Hedge Funds Weigh In On ON

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Private Trust Co. NA acquired a new position in ON in the third quarter valued at approximately $26,000. Blue Trust Inc. lifted its stake in ON by 319.8% in the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after buying an additional 403 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in shares of ON by 210.5% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock worth $28,000 after purchasing an additional 400 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of ON during the third quarter worth approximately $29,000. Finally, Quarry LP acquired a new position in shares of ON during the second quarter worth approximately $32,000. 33.11% of the stock is owned by institutional investors and hedge funds.

ON Company Profile

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.