ON (NYSE:ONON) Sets New 52-Week High on Analyst Upgrade

On Holding AG (NYSE:ONON)’s stock price reached a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock from $62.00 to $65.00. Morgan Stanley currently has an overweight rating on the stock. ON traded as high as $60.60 and last traded at $60.00, with a volume of 2217813 shares trading hands. The stock had previously closed at $57.98.

Several other research firms have also recently issued reports on ONON. Needham & Company LLC reiterated a “buy” rating and issued a $64.00 price objective on shares of ON in a report on Wednesday, January 15th. BTIG Research upgraded ON from a “neutral” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Wednesday, November 13th. Citigroup started coverage on ON in a report on Wednesday, December 18th. They set a “neutral” rating and a $65.00 target price on the stock. The Goldman Sachs Group boosted 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. Finally, TD Cowen boosted their target price on ON from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.36.

Institutional Trading of ON

Hedge funds have recently bought and sold shares of the company. Private Trust Co. NA acquired a new position in shares of ON in the 3rd quarter valued at $26,000. Blue Trust Inc. boosted its holdings in shares of ON by 319.8% in the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after purchasing an additional 403 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of ON in the 3rd quarter valued at $29,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in shares of ON by 210.5% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock valued at $28,000 after purchasing an additional 400 shares during the last quarter. Finally, Legacy Bridge LLC acquired a new position in shares of ON in the 4th quarter valued at $43,000. Institutional investors and hedge funds own 36.39% of the company’s stock.

ON Stock Performance

The company has a market cap of $36.90 billion, a price-to-earnings ratio of 136.30, a price-to-earnings-growth ratio of 1.19 and a beta of 2.30. The stock’s fifty day simple moving average is $56.37 and its two-hundred day simple moving average is $49.28.

About ON

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.