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

Shares of On Holding AG (NYSE:ONON) gapped up before the market opened on Friday . The stock had previously closed at $47.59, but opened at $49.05. ON shares last traded at $50.74, with a volume of 1,197,199 shares.

Analysts Set New Price Targets

A number of research firms have recently commented on ONON. Telsey Advisory Group restated an “outperform” rating and issued a $47.00 price objective on shares of ON in a research report on Tuesday, August 13th. Truist Financial upped their price objective on shares of ON from $51.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Raymond James initiated coverage on shares of ON in a report on Wednesday, July 31st. They set an “outperform” rating and a $46.00 price objective on the stock. Hsbc Global Res raised shares of ON to a “hold” rating in a research note on Thursday, September 5th. Finally, Morgan Stanley raised their price target on shares of ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.74.

ON Price Performance

The stock has a 50 day simple moving average of $48.10 and a two-hundred day simple moving average of $41.41. The company has a market cap of $31.89 billion, a price-to-earnings ratio of 115.11 and a beta of 2.24.

ON (NYSE:ONON) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.04). ON had a net margin of 7.42% and a return on equity of 13.02%. The firm had revenue of $627.66 million for the quarter, compared to analyst estimates of $634.43 million. As a group, research analysts forecast that On Holding AG will post 0.76 EPS for the current year.

Institutional Trading of ON

Institutional investors have recently made changes to their positions in the company. Blue Trust Inc. raised its holdings in 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 buying an additional 403 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased 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 valued at $28,000 after acquiring an additional 400 shares during the last quarter. Quarry LP purchased a new stake in shares of ON in the 2nd quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new position in shares of ON in the 3rd quarter worth approximately $50,000. Finally, Asset Dedication LLC boosted its position in shares of ON by 25.8% during the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock worth $62,000 after purchasing an additional 327 shares during the period. Hedge funds and other 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.