ON (NYSE:ONON) Stock Price Down 7.9% - Here's What Happened

On Holding AG (NYSE:ONON - Get Free Report) shares were down 7.9% during trading on Friday . The company traded as low as $52.45 and last traded at $51.33. Approximately 4,393,593 shares were traded during mid-day trading, a decline of 4% from the average daily volume of 4,581,821 shares. The stock had previously closed at $55.73.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ONON shares. Robert W. Baird boosted their price target on ON from $63.00 to $70.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 14th. Barclays set a $68.00 price target on ON in a research report on Wednesday, May 14th. Citigroup raised ON from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $65.00 to $60.00 in a research report on Monday, April 28th. Morgan Stanley dropped their price target on ON from $66.00 to $62.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Finally, Evercore ISI boosted their price target on ON from $60.00 to $70.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, ON presently has a consensus rating of "Buy" and a consensus target price of $63.05.

ON Stock Performance

The firm has a fifty day moving average price of $51.80 and a two-hundred day moving average price of $52.42. The stock has a market capitalization of $33.38 billion, a P/E ratio of 123.27, a PEG ratio of 1.02 and a beta of 2.35.

Hedge Funds Weigh In On ON

Several hedge funds and other institutional investors have recently modified their holdings of ONON. Sciencast Management LP increased its stake in shares of ON by 32.3% in the 1st quarter. Sciencast Management LP now owns 31,042 shares of the company's stock worth $1,363,000 after purchasing an additional 7,581 shares in the last quarter. First Dallas Securities Inc. grew its position in shares of ON by 13.5% during the first quarter. First Dallas Securities Inc. now owns 14,290 shares of the company's stock valued at $628,000 after purchasing an additional 1,695 shares in the last quarter. Guardian Partners Inc. grew its position in shares of ON by 26.1% during the first quarter. Guardian Partners Inc. now owns 25,150 shares of the company's stock valued at $1,105,000 after purchasing an additional 5,200 shares in the last quarter. ThornTree Capital Partners LP grew its position in shares of ON by 23.6% during the first quarter. ThornTree Capital Partners LP now owns 450,282 shares of the company's stock valued at $19,776,000 after purchasing an additional 86,120 shares in the last quarter. Finally, Panoramic Capital LLC purchased a new position in shares of ON during the first quarter valued at about $439,000. 36.39% of the stock is owned by institutional investors.

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.