PDT Partners LLC Acquires 75,499 Shares of On Holding AG $ONON

Key Points

• PDT Partners LLC increased its stake in On Holding AG by 95.6% during the first quarter, now owning 154,492 shares valued at approximately $6.79 million.
• Multiple institutional investors, including CWM LLC and TCTC Holdings LLC, also boosted their positions in On Holding AG, indicating growing interest in the stock among hedge funds.
• Analysts have mixed ratings for ON with one Strong Buy, nineteen Buys, and a consensus price target of $64.20, suggesting potential upside despite varying outlooks.

PDT Partners LLC grew its holdings in On Holding AG (NYSE:ONON - Free Report) by 95.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,492 shares of the company's stock after purchasing an additional 75,499 shares during the quarter. ON comprises about 0.5% of PDT Partners LLC's portfolio, making the stock its 24th biggest position. PDT Partners LLC's holdings in ON were worth $6,785,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Maverick Capital Ltd. acquired a new position in shares of ON in the 1st quarter valued at about $2,535,000. Quarry LP acquired a new position in shares of ON in the 1st quarter valued at about $60,000. Nomura Holdings Inc. lifted its stake in shares of ON by 72.0% in the 1st quarter. Nomura Holdings Inc. now owns 8,791 shares of the company's stock valued at $386,000 after purchasing an additional 3,680 shares during the period. Titleist Asset Management LLC lifted its stake in shares of ON by 10.6% in the 1st quarter. Titleist Asset Management LLC now owns 19,550 shares of the company's stock valued at $859,000 after purchasing an additional 1,875 shares during the period. Finally, Aragon Global Management LP lifted its stake in shares of ON by 4.9% in the 1st quarter. Aragon Global Management LP now owns 306,121 shares of the company's stock valued at $13,445,000 after purchasing an additional 14,200 shares during the period. 36.39% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ONON has been the topic of a number of recent analyst reports. Cowen reissued a "buy" rating on shares of ON in a research note on Wednesday, May 14th. Jefferies Financial Group set a $40.00 price target on ON and gave the stock an "underperform" rating in a research note on Wednesday, August 13th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $65.00 price target on shares of ON in a research note on Thursday, August 7th. Raymond James Financial downgraded ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target on the stock. in a research note on Tuesday, July 22nd. Finally, Stifel Nicolaus upped their price target on ON from $57.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $64.20.

ON Stock Performance

Shares of ONON stock traded up $0.03 during trading on Wednesday, hitting $44.82. The company's stock had a trading volume of 4,415,669 shares, compared to its average volume of 7,399,361. The company has a market cap of $28.22 billion, a PE ratio of 99.60, a P/E/G ratio of 4.97 and a beta of 2.23. The company has a current ratio of 2.53, a quick ratio of 2.00 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average of $49.24 and a 200-day moving average of $49.55. On Holding AG has a 52 week low of $34.59 and a 52 week high of $64.05.

ON Company Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.