Trexquant Investment LP Acquires 370,410 Shares of On Holding AG $ONON

Key Points

• Trexquant Investment LP significantly increased its stake in On Holding AG by purchasing 370,410 shares, raising its ownership by 715.4% in the first quarter, bringing their total to 422,190 shares valued at approximately $18.5 million.
• Multiple institutional investors, including PNC Financial Services and Citigroup, have also enhanced their holdings in On Holding AG, indicating growing confidence in the company's prospects.
• Analysts have varied outlooks on ONON, with recent price targets ranging from $40.00 to $79.00, and a consensus average rating of Moderate Buy with a target price of $64.20.

Trexquant Investment LP increased its stake in shares of On Holding AG (NYSE:ONON - Free Report) by 715.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 422,190 shares of the company's stock after purchasing an additional 370,410 shares during the period. Trexquant Investment LP owned approximately 0.07% of ON worth $18,543,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Montag A & Associates Inc. purchased a new position in shares of ON during the first quarter valued at approximately $26,000. TCTC Holdings LLC raised its holdings in shares of ON by 118.4% during the first quarter. TCTC Holdings LLC now owns 581 shares of the company's stock valued at $26,000 after purchasing an additional 315 shares during the last quarter. Park Square Financial Group LLC purchased a new stake in ON during the fourth quarter valued at approximately $32,000. MassMutual Private Wealth & Trust FSB purchased a new stake in ON during the first quarter valued at approximately $32,000. Finally, Smartleaf Asset Management LLC increased its holdings in ON by 3,392.6% during the first quarter. Smartleaf Asset Management LLC now owns 943 shares of the company's stock valued at $42,000 after buying an additional 916 shares during the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Price Performance

NYSE ONON traded up $0.46 during trading hours on Friday, reaching $45.05. The company's stock had a trading volume of 4,561,879 shares, compared to its average volume of 7,780,656. On Holding AG has a 1 year low of $34.59 and a 1 year high of $64.05. The company has a quick ratio of 2.00, a current ratio of 2.53 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $28.37 billion, a price-to-earnings ratio of 100.12, a PEG ratio of 4.97 and a beta of 2.23. The firm's 50-day moving average price is $49.69 and its 200-day moving average price is $49.67.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ONON shares. Stifel Nicolaus upped their target price on shares of ON from $57.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Barclays upped their target price on shares of ON from $68.00 to $69.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Truist Financial upped their target price on shares of ON from $61.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $65.00 target price on shares of ON in a report on Thursday, August 7th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $62.00 target price on shares of ON in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $64.20.

ON 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.