ON Sees Unusually High Options Volume (NYSE:ONON)

Key Points

• On Holding AG experienced a significant increase in options trading, with 54,810 call options purchased, indicating a 187% rise compared to its average daily volume.
• Hedge funds have shown increased interest, with several institutions acquiring new stakes in the company, bringing institutional ownership to 36.39%.
• Analysts have mixed ratings for ON stock, with price targets ranging from $40.00 to $79.00, signifying varying investor outlooks on the company's future performance.

On Holding AG (NYSE:ONON - Get Free Report) was the recipient of some unusual options trading on Tuesday. Stock traders bought 54,810 call options on the company. This represents an increase of approximately 187% compared to the typical daily volume of 19,123 call options.

Hedge Funds Weigh In On ON

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Montag A & Associates Inc. acquired a new stake in shares of ON in the first quarter worth $26,000. TCTC Holdings LLC increased its position in shares of 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. bought a new position in ON in the second quarter valued at $29,000. Park Square Financial Group LLC acquired a new stake in ON in the fourth quarter valued at $32,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new stake in ON in the first quarter valued at $32,000. Institutional investors own 36.39% of the company's stock.

ON Stock Up 1.5%

NYSE ONON traded up $0.70 during trading hours on Tuesday, reaching $46.29. 1,513,049 shares of the company traded hands, compared to its average volume of 5,418,499. The stock has a market capitalization of $29.15 billion, a PE ratio of 102.97, a PEG ratio of 5.84 and a beta of 2.23. ON has a 12 month low of $34.59 and a 12 month high of $64.05. The company has a 50 day moving average of $46.94 and a two-hundred day moving average of $49.05. The company has a current ratio of 2.53, a quick ratio of 2.00 and a debt-to-equity ratio of 0.31.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ONON shares. Raymond James Financial downgraded ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price objective on the stock. in a research report on Tuesday, July 22nd. UBS Group boosted their price objective on shares of ON from $75.00 to $79.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Jefferies Financial Group set a $40.00 target price on shares of ON and gave the company an "underperform" rating in a research report on Wednesday, August 13th. Barclays increased their price objective on shares of ON from $68.00 to $69.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Finally, Needham & Company LLC reissued a "buy" rating and set a $62.00 target price on shares of ON in a report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $64.20.

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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