ON (NYSE:ONON) Shares Gap Down - Time to Sell?

On Holding AG (NYSE:ONON - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $58.82, but opened at $56.10. ON shares last traded at $58.88, with a volume of 1,299,238 shares traded.

Analyst Ratings Changes

ONON has been the subject of a number of research analyst reports. Needham & Company LLC lifted their price target on ON from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Jefferies Financial Group started coverage on shares of ON in a research report on Tuesday, April 1st. They set a "hold" rating and a $44.00 price objective for the company. Evercore ISI raised their price objective on shares of ON from $60.00 to $70.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 14th. Hsbc Global Res upgraded shares of ON from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 11th. Finally, Piper Sandler restated an "overweight" rating on shares of ON in a research report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $62.45.

ON Price Performance

The firm has a market capitalization of $38.12 billion, a price-to-earnings ratio of 140.79, a P/E/G ratio of 1.02 and a beta of 2.30. The firm's 50-day simple moving average is $47.93 and its 200 day simple moving average is $52.25.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Montag A & Associates Inc. acquired a new position in ON during the first quarter valued at approximately $26,000. TCTC Holdings LLC raised its position in 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 in the last quarter. Strategic Financial Concepts LLC acquired a new position in ON during the fourth quarter valued at approximately $30,000. Park Square Financial Group LLC acquired a new position in ON during the fourth quarter valued at approximately $32,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new position in ON during the first quarter valued at approximately $32,000. 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, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.