Night Squared LP Takes $6.67 Million Position in On Holding AG $ONON

Key Points

• Night Squared LP acquired 157,502 shares of On Holding AG in Q3, a position valued at approximately $6.67 million that represents 2.4% of its portfolio and is its 15th-largest holding.
• Analyst consensus rates On (ONON) as a "Moderate Buy" with a consensus target price of $59.48; analyst breakdown: 1 Strong Buy, 18 Buy, 3 Hold, and 2 Sell.
• Shares opened at $37.97, with a 52-week range of $34.38–$61.29; the company has a market cap of $23.84 billion and a P/E of about 52.7 (PEG 0.74).

Night Squared LP acquired a new position in shares of On Holding AG (NYSE:ONON - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 157,502 shares of the company's stock, valued at approximately $6,670,000. ON comprises 2.4% of Night Squared LP's investment portfolio, making the stock its 15th biggest position.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Lido Advisors LLC grew its stake in ON by 1.2% in the second quarter. Lido Advisors LLC now owns 23,754 shares of the company's stock valued at $1,236,000 after purchasing an additional 285 shares during the last quarter. Parsons Capital Management Inc. RI raised its holdings in ON by 4.3% in the third quarter. Parsons Capital Management Inc. RI now owns 7,238 shares of the company's stock worth $307,000 after purchasing an additional 300 shares in the last quarter. Sterling Investment Counsel LLC lifted its position in shares of ON by 6.5% during the third quarter. Sterling Investment Counsel LLC now owns 6,125 shares of the company's stock valued at $259,000 after buying an additional 375 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of ON by 1.9% during the third quarter. Jones Financial Companies Lllp now owns 21,960 shares of the company's stock valued at $933,000 after buying an additional 417 shares during the last quarter. Finally, Cambria Investment Management L.P. boosted its holdings in shares of ON by 1.5% in the 3rd quarter. Cambria Investment Management L.P. now owns 36,052 shares of the company's stock valued at $1,527,000 after buying an additional 534 shares in the last quarter. Institutional investors own 36.39% of the company's stock.

Analyst Ratings Changes

ONON has been the subject of several recent analyst reports. Truist Financial reduced their price objective on shares of ON from $65.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, March 3rd. Williams Trading downgraded shares of ON from a "buy" rating to a "hold" rating and lowered their target price for the company from $55.00 to $47.00 in a research note on Thursday, January 8th. Singular Research raised shares of ON to a "strong-buy" rating in a report on Monday, November 17th. BTIG Research reaffirmed a "buy" rating and set a $70.00 price target on shares of ON in a research report on Tuesday, March 3rd. Finally, Evercore set a $58.00 price objective on ON and gave the company an "outperform" rating in a report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.48.

ON Price Performance

Shares of NYSE ONON opened at $37.97 on Friday. On Holding AG has a 52 week low of $34.38 and a 52 week high of $61.29. The business's 50 day moving average price is $45.33 and its 200 day moving average price is $44.18. The company has a quick ratio of 2.13, a current ratio of 2.71 and a debt-to-equity ratio of 0.27. The firm has a market cap of $23.84 billion, a P/E ratio of 52.74, a P/E/G ratio of 0.74 and a beta of 2.14.

ON Company Profile

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.

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