ON (NYSE:ONON) Stock Price Down 4.8% - Should You Sell?

On Holding AG (NYSE:ONON - Get Free Report)'s stock price was down 4.8% during trading on Tuesday . The stock traded as low as $50.10 and last traded at $50.68. Approximately 4,821,997 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 4,614,967 shares. The stock had previously closed at $53.21.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Piper Sandler restated an "overweight" rating on shares of ON in a research report on Tuesday, May 13th. Robert W. Baird lifted their target price on ON from $63.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Truist Financial upped their price target on ON from $61.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. Needham & Company LLC boosted their price objective on shares of ON from $55.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and set a $65.00 target price on shares of ON in a research note on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ON presently has an average rating of "Moderate Buy" and a consensus target price of $64.00.

ON Stock Up 1.6%

The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.18 and a current ratio of 2.80. The business has a 50-day simple moving average of $54.79 and a two-hundred day simple moving average of $51.66. The company has a market capitalization of $31.97 billion, a price-to-earnings ratio of 72.52, a PEG ratio of 2.85 and a beta of 2.25.

Institutional Trading of ON

Several hedge funds and other institutional investors have recently made changes to their positions in ONON. Norges Bank acquired a new stake in shares of ON during the 4th quarter valued at approximately $164,574,000. Jennison Associates LLC raised its position in ON by 136.6% during the first quarter. Jennison Associates LLC now owns 4,848,438 shares of the company's stock worth $212,943,000 after acquiring an additional 2,798,794 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of ON by 13.9% in the first quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company's stock valued at $869,388,000 after purchasing an additional 2,416,534 shares in the last quarter. Nuveen LLC acquired a new stake in shares of ON in the first quarter valued at approximately $102,850,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of ON in the fourth quarter valued at approximately $78,799,000. Hedge funds and other institutional investors own 36.39% of the company's stock.

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.