ON (NYSE:ONON) Stock Price Down 4.2% - What's Next?

Key Points

• Shares of On Holding AG (NYSE:ONON) fell by 4.2% during trading, reaching a low of $48.16 before closing at $47.71.
• Equities analysts have updated their price targets for ONON, with estimates ranging from $62.00 to $70.00, and an average target price of $64.20.
• Institutional investors currently hold 36.39% of ONON stock, with several hedge funds significantly increasing their stakes in the company recently.

Shares of On Holding AG (NYSE:ONON - Get Free Report) were down 4.2% during trading on Wednesday . The stock traded as low as $48.16 and last traded at $47.71. Approximately 1,910,654 shares changed hands during trading, a decline of 64% from the average daily volume of 5,319,157 shares. The stock had previously closed at $49.81.

Wall Street Analyst Weigh In

Several equities analysts have commented on ONON shares. Stifel Nicolaus increased their price target on ON from $57.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Robert W. Baird increased their price objective on ON from $63.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Telsey Advisory Group reissued an "outperform" rating and issued a $65.00 price objective on shares of ON in a research report on Thursday, August 7th. KeyCorp increased their price objective on ON from $60.00 to $68.00 and gave the company an "overweight" rating in a research report on Wednesday, May 14th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $62.00 price objective on shares of ON in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $64.20.

ON Stock Performance

The company has a quick ratio of 2.18, a current ratio of 2.80 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average of $52.12 and a 200 day moving average of $50.89. The stock has a market capitalization of $30.11 billion, a P/E ratio of 68.29, a PEG ratio of 2.61 and a beta of 2.24.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ONON. Montag A & Associates Inc. acquired a new position in ON during the first quarter worth $26,000. TCTC Holdings LLC raised its stake in ON by 118.4% during the first quarter. TCTC Holdings LLC now owns 581 shares of the company's stock worth $26,000 after acquiring an additional 315 shares in the last quarter. Washington Trust Advisors Inc. acquired a new position in ON during the second quarter worth $29,000. Park Square Financial Group LLC acquired a new position in ON during the fourth quarter worth $32,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new position in ON during the first quarter worth $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.

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