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.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Citigroup upgraded ON from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $65.00 to $60.00 in a research report on Monday, April 28th. UBS Group set a $75.00 price target on shares of ON in a research report on Wednesday, May 14th. Raymond James reaffirmed a "strong-buy" rating on shares of ON in a research note on Wednesday, May 14th. HSBC raised ON from a "hold" rating to a "buy" rating and set a $58.00 price target on the stock in a research note on Tuesday, March 11th. Finally, Piper Sandler reiterated an "overweight" rating on shares of ON in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $62.45.

ON Price Performance

The stock has a market capitalization of $37.67 billion, a price-to-earnings ratio of 139.12, a PEG ratio of 1.02 and a beta of 2.30. The firm's fifty day moving average is $47.93 and its 200-day moving average is $52.25.

Institutional Trading of ON

Institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC increased its position in ON by 1.6% in the 4th quarter. FMR LLC now owns 28,875,965 shares of the company's stock valued at $1,581,537,000 after acquiring an additional 462,738 shares during the period. Alliancebernstein L.P. increased its stake in ON by 13.9% in the 1st quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company's stock worth $869,388,000 after purchasing an additional 2,416,534 shares in the last quarter. Jennison Associates LLC increased its position in shares of ON by 136.6% in 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 in the last quarter. T. Rowe Price Investment Management Inc. grew its position in ON by 1.0% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,395,611 shares of the company's stock worth $149,136,000 after purchasing an additional 34,120 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of ON during the fourth quarter valued at $164,574,000. 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.