Quantedge Capital Pte Ltd Invests $4.73 Million in On Holding AG (NYSE:ONON)

Quantedge Capital Pte Ltd acquired a new stake in On Holding AG (NYSE:ONON - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 86,400 shares of the company's stock, valued at approximately $4,732,000. ON comprises 1.7% of Quantedge Capital Pte Ltd's holdings, making the stock its 15th largest position.

A number of other hedge funds have also recently added to or reduced their stakes in ONON. Norges Bank purchased a new position in shares of ON in the fourth quarter valued at $164,574,000. Arrowstreet Capital Limited Partnership acquired a new position in ON during the 4th quarter valued at about $78,799,000. Axiom Investors LLC DE acquired a new stake in shares of ON in the fourth quarter valued at $39,320,000. BNP Paribas Financial Markets bought a new stake in shares of ON during the 4th quarter worth $39,119,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of ON in the fourth quarter worth $28,575,000. 36.39% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on ONON shares. Williams Trading upped their price objective on shares of ON from $60.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. Stifel Nicolaus dropped their price target on ON from $66.00 to $57.00 and set a "buy" rating for the company in a report on Thursday, April 10th. HSBC raised ON from a "hold" rating to a "buy" rating and set a $58.00 price target on the stock in a research note on Tuesday, March 11th. The Goldman Sachs Group cut ON from a "buy" rating to a "neutral" rating and set a $57.00 price objective on the stock. in a report on Wednesday, February 12th. Finally, Hsbc Global Res raised shares of ON from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 11th. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $58.50.

ON Price Performance

ONON opened at $57.41 on Wednesday. On Holding AG has a 1 year low of $33.55 and a 1 year high of $64.05. The stock has a 50-day moving average price of $45.33 and a 200-day moving average price of $51.52. The firm has a market cap of $36.15 billion, a PE ratio of 133.51, a P/E/G ratio of 1.02 and a beta of 2.30.

ON Profile

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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