ON (NYSE:ONON) Shares Gap Up - Here's What Happened

Key Points

• On Holding AG's shares gapped up before trading on Friday, opening at $51.60 after closing at $49.95.
• Analysts have set a consensus target price of $64.00 for ONON, with two analysts rating it a hold, nineteen a buy, and one a strong buy.
• Institutional investors hold 36.39% of ONON's shares, with hedge funds recently increasing their stakes significantly.
• As of now, the company has a market cap of $32.13 billion, with a PE ratio of 72.85, reflecting strong investor interest.

On Holding AG (NYSE:ONON - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $49.95, but opened at $51.60. ON shares last traded at $51.04, with a volume of 633,719 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ONON. Barclays set a $68.00 price target on ON in a report on Wednesday, May 14th. Jefferies Financial Group began coverage on ON in a report on Tuesday, April 1st. They issued a "hold" rating and a $44.00 price target for the company. Telsey Advisory Group reissued an "outperform" rating and issued a $65.00 price target on shares of ON in a report on Tuesday, May 13th. Needham & Company LLC raised their price target on ON from $55.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, Evercore ISI raised their price objective on ON from $60.00 to $70.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.00.

ON Stock Up 2.2%

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.80 and a quick ratio of 2.18. The firm has a 50-day simple moving average of $54.97 and a two-hundred day simple moving average of $51.72. The company has a market cap of $32.13 billion, a PE ratio of 72.85, a P/E/G ratio of 2.89 and a beta of 2.25.

Hedge Funds Weigh In On ON

Hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of ON during the fourth quarter worth $164,574,000. Jennison Associates LLC boosted its holdings in shares of 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 purchasing an additional 2,798,794 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of ON by 13.9% during the first 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 during the last quarter. Nuveen LLC acquired a new stake in shares of ON during the first quarter worth $102,850,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of ON during the fourth quarter worth $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.

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