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

On Holding AG (NYSE:ONON - Get Free Report) was the recipient of unusually large options trading activity on Wednesday. Investors purchased 33,765 call options on the company. This represents an increase of 160% compared to the typical daily volume of 12,986 call options.

Institutional Investors Weigh In On ON

Institutional investors have recently made changes to their positions in the stock. FMR LLC increased its position in shares of ON by 1.6% during the fourth quarter. FMR LLC now owns 28,875,965 shares of the company's stock worth $1,581,537,000 after buying an additional 462,738 shares during the period. Alliancebernstein L.P. boosted its position in ON by 13.9% during the first quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company's stock valued at $869,388,000 after acquiring an additional 2,416,534 shares during the last quarter. Jennison Associates LLC grew its holdings in ON by 136.6% during the 1st quarter. Jennison Associates LLC now owns 4,848,438 shares of the company's stock worth $212,943,000 after acquiring an additional 2,798,794 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of ON by 1.0% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,395,611 shares of the company's stock worth $149,136,000 after acquiring an additional 34,120 shares in the last quarter. Finally, Norges Bank bought a new position in shares of ON in the 4th quarter worth about $164,574,000. Institutional investors own 36.39% of the company's stock.

ON Trading Up 2.9%

Shares of ON stock traded up $1.51 during trading on Wednesday, hitting $53.72. The company's stock had a trading volume of 12,362,580 shares, compared to its average volume of 4,666,541. The stock has a market cap of $33.82 billion, a price-to-earnings ratio of 76.74, a price-to-earnings-growth ratio of 2.95 and a beta of 2.25. ON has a 52 week low of $34.59 and a 52 week high of $64.05. The stock has a 50-day moving average price of $54.02 and a two-hundred day moving average price of $52.05. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.80 and a quick ratio of 2.18.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ONON shares. Truist Financial boosted their target price on shares of ON from $61.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Piper Sandler restated an "overweight" rating on shares of ON in a research report on Tuesday, May 13th. Morgan Stanley cut their target price on ON from $66.00 to $62.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Citigroup upgraded ON from a "neutral" rating to a "buy" rating and decreased their price target for the company from $65.00 to $60.00 in a research note on Monday, April 28th. Finally, Cowen reissued a "buy" rating on shares of ON in a report on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $63.85.

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.