Traders Buy High Volume of Put Options on ON (NYSE:ONON)

Key Points

• ON Holding AG (NYSE:ONON) experienced a significant increase in put option activity, with traders buying 30,339 put options, marking a 100% increase over typical volumes.
• Institutional and hedge fund ownership of ON stock stands at 36.39%, with various firms acquiring stakes recently, indicating growing interest in the company.
• Analysts have mixed opinions on ON's stock, with price targets ranging from $62.00 to $70.00, and a consensus rating of "Moderate Buy" among investment analysts.

On Holding AG (NYSE:ONON - Get Free Report) was the recipient of unusually large options trading activity on Monday. Stock traders bought 30,339 put options on the company. Thisisanincreaseof100% compared to the typical volume of 15,183 put options.

Hedge Funds Weigh In On ON

Large investors have recently added to or reduced their stakes in the stock. 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 stake in shares of ON in the fourth quarter valued at about $32,000. TCTC Holdings LLC raised its position in shares of ON by 118.4% in the first quarter. TCTC Holdings LLC now owns 581 shares of the company's stock valued at $26,000 after buying an additional 315 shares during the last quarter. Montag A & Associates Inc. acquired a new stake in shares of ON in the first quarter valued at about $26,000. Finally, MassMutual Private Wealth & Trust FSB acquired a new stake in shares of ON in the first quarter valued at about $32,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

ON Stock Performance

NYSE ONON traded down $0.07 during mid-day trading on Monday, reaching $45.59. 4,149,436 shares of the stock were exchanged, compared to its average volume of 5,173,280. The business's 50 day moving average is $52.56 and its 200-day moving average is $51.00. ON has a 1 year low of $34.59 and a 1 year high of $64.05. The company has a market capitalization of $28.70 billion, a P/E ratio of 65.18, a P/E/G ratio of 2.60 and a beta of 2.24. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.18 and a current ratio of 2.80.

Analyst Ratings Changes

A number of research firms recently commented on ONON. KeyCorp lifted their price target on shares of ON from $60.00 to $68.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 14th. Raymond James Financial lowered shares of ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target for the company. in a report on Tuesday, July 22nd. Cowen reiterated a "buy" rating on shares of ON in a research note on Wednesday, May 14th. Morgan Stanley cut their price target on shares of ON from $66.00 to $62.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Finally, Robert W. Baird upped their price target on shares of ON from $63.00 to $70.00 and gave the company an "outperform" rating in a research note on Wednesday, May 14th. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $64.00.

ON Company 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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