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

On Holding AG (NYSE:ONON - Get Free Report)'s share price was 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 traded hands during 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 research firms have recently weighed in on ONON. Telsey Advisory Group reiterated an "outperform" rating and set a $65.00 target price on shares of ON in a research report on Tuesday, May 13th. KeyCorp upped their price objective on shares of ON from $60.00 to $68.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 14th. Piper Sandler reiterated an "overweight" rating on shares of ON in a research note on Tuesday, May 13th. Morgan Stanley dropped their target price on shares of ON from $66.00 to $62.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Finally, Needham & Company LLC increased their price target on shares of ON from $55.00 to $62.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $63.05.

ON Stock Performance

The stock's 50 day moving average price is $51.23 and its 200 day moving average price is $52.57. The company has a market capitalization of $32.96 billion, a P/E ratio of 121.74, a price-to-earnings-growth ratio of 1.02 and a beta of 2.35.

Institutional Trading of ON

A number of institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its stake in shares of ON by 34.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company's stock valued at $76,213,000 after purchasing an additional 349,789 shares during the period. Strategic Financial Concepts LLC acquired a new position in ON in the fourth quarter valued at approximately $30,000. BNP Paribas Financial Markets bought a new position in shares of ON during the 4th quarter worth approximately $39,119,000. Raymond James Financial Inc. acquired a new stake in shares of ON during the 4th quarter worth approximately $28,575,000. Finally, Gerber Kawasaki Wealth & Investment Management grew its position in shares of ON by 14.7% during the 4th quarter. Gerber Kawasaki Wealth & Investment Management now owns 62,281 shares of the company's stock worth $3,411,000 after buying an additional 7,960 shares during the period. Institutional investors own 36.39% of the company's stock.

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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