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

On Holding AG (NYSE:ONON) gapped down before the market opened on Wednesday . The stock had previously closed at $53.97, but opened at $51.60. ON shares last traded at $52.96, with a volume of 3,679,717 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Stifel Nicolaus lifted their price objective on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Citigroup started coverage on ON in a research note on Wednesday, December 18th. They set a “neutral” rating and a $65.00 price target on the stock. KeyCorp increased their target price on shares of ON from $60.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Robert W. Baird lifted their price objective on shares of ON from $55.00 to $63.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Raymond James upgraded ON from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $58.00 to $63.00 in a research note on Thursday, November 21st. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.73.

ON Stock Performance

The stock has a 50 day moving average price of $57.25 and a 200 day moving average price of $51.38. The company has a market cap of $33.80 billion, a P/E ratio of 124.86, a P/E/G ratio of 1.20 and a beta of 2.30.

Hedge Funds Weigh In On ON

Several large investors have recently bought and sold shares of the stock. Private Trust Co. NA bought a new stake in shares of ON in the 3rd quarter valued at about $26,000. Blue Trust Inc. raised its position 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 last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of ON in the third quarter worth $29,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of ON by 210.5% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock worth $28,000 after buying an additional 400 shares during the last quarter. Finally, Legacy Bridge LLC acquired a new position in ON during the fourth quarter valued at approximately $43,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

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.