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

ON logo with Retail/Wholesale background

Key Points

  • On Holding AG's shares gapped up significantly, opening at $52.20 after closing at $45.72, with recent trading at $49.42 and a volume of 4,699,281 shares.
  • Analysts have varied views on ONON, with the consensus rating being a "Moderate Buy" and an average target price of $64.00.
  • Institutional investors hold approximately 36.39% of ONON's stock, with significant recent purchases from firms including Jennison Associates LLC and Alliancebernstein L.P.
  • Want stock alerts on ON? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

On Holding AG (NYSE:ONON - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $45.72, but opened at $52.20. ON shares last traded at $49.42, with a volume of 4,699,281 shares traded.

Analysts Set New Price Targets

ONON has been the topic of a number of research analyst reports. Citigroup upgraded ON from a "neutral" rating to a "buy" rating and dropped their price target for the company from $65.00 to $60.00 in a research note on Monday, April 28th. Piper Sandler restated an "overweight" rating on shares of ON in a research note on Tuesday, May 13th. Raymond James Financial downgraded ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target for the company. in a research note on Tuesday, July 22nd. Evercore ISI boosted their target price on shares of ON from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Finally, Barclays set a $68.00 target price on shares of ON in a research report on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $64.00.

Read Our Latest Report on ON

ON Price Performance

The company has a current ratio of 2.80, a quick ratio of 2.18 and a debt-to-equity ratio of 0.19. The business's 50-day simple moving average is $52.29 and its two-hundred day simple moving average is $50.90. The firm has a market cap of $31.12 billion, a price-to-earnings ratio of 70.53, a P/E/G ratio of 2.60 and a beta of 2.24.

Institutional Trading of ON

Several large investors have recently modified their holdings of ONON. Jennison Associates LLC boosted its position 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 valued at $212,943,000 after buying an additional 2,798,794 shares during the last quarter. Alliancebernstein L.P. boosted its position 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 valued at $869,388,000 after buying an additional 2,416,534 shares during the last quarter. Nuveen LLC purchased a new position in shares of ON during the first quarter valued at approximately $102,850,000. Geode Capital Management LLC purchased a new position in shares of ON during the second quarter valued at approximately $70,152,000. Finally, Bessemer Group Inc. purchased a new position in shares of ON during the second quarter valued at approximately $43,344,000. Institutional investors and hedge funds own 36.39% of the company's stock.

About ON

(Get Free Report)

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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