ON (NYSE:ONON) Shares Gap Down – What’s Next?

On Holding AG (NYSE:ONON) gapped down prior to trading on Wednesday . The stock had previously closed at $53.97, but opened at $51.60. ON shares last traded at $52.96, with a volume of 3,679,717 shares changing hands.

Wall Street Analyst Weigh In

ONON has been the subject of several research analyst reports. Citigroup assumed coverage on ON in a research report on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 price objective for the company. KeyCorp increased their target price on ON from $60.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Truist Financial increased their target price on ON from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group lowered shares of ON from a “buy” rating to a “neutral” rating and set a $57.00 price objective for the company. in a report on Wednesday. Finally, TD Cowen lifted their price objective on ON from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.73.

ON Stock Performance

The business’s 50-day moving average price is $57.25 and its 200 day moving average price is $51.38. The company has a market cap of $33.80 billion, a P/E ratio of 124.86, a P/E/G ratio of 1.20 and a beta of 2.30.

Institutional Trading of ON

Several large investors have recently modified their holdings of ONON. Private Trust Co. NA acquired a new stake in shares of ON in the 3rd quarter valued at approximately $26,000. Blue Trust Inc. lifted its holdings in ON by 319.8% in the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after buying an additional 403 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in shares of ON by 210.5% during the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock valued at $28,000 after purchasing an additional 400 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in ON in the third quarter valued at approximately $29,000. Finally, Strategic Financial Concepts LLC acquired a new stake in ON in the fourth quarter worth $30,000. 36.39% of the stock is owned by institutional investors and hedge funds.

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, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.