ON (NYSE:ONON) Shares Gap Down – Here’s What Happened

On Holding AG (NYSE:ONON) shares gapped down prior to trading on Friday . The stock had previously closed at $63.62, but opened at $60.80. ON shares last traded at $60.23, with a volume of 1,051,880 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ONON shares. KeyCorp upped their target price on shares of ON from $60.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $67.00 target price on shares of ON in a report on Wednesday, January 15th. The Goldman Sachs Group upped their target price on shares of ON from $50.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Robert W. Baird increased their price objective on shares of ON from $55.00 to $63.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $64.00 price objective on shares of ON in a report on Wednesday, January 15th. Four equities research 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. Based on data from MarketBeat, ON presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.73.

ON Stock Performance

The stock has a market capitalization of $38.69 billion, a price-to-earnings ratio of 142.68, a P/E/G ratio of 1.27 and a beta of 2.30. The firm’s fifty day simple moving average is $57.36 and its 200 day simple moving average is $50.21.

Hedge Funds Weigh In On ON

Several hedge funds have recently made changes to their positions in the business. Jennison Associates LLC grew its stake in shares of ON by 27.4% during the 4th quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock worth $112,259,000 after acquiring an additional 440,685 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of ON by 34.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company’s stock worth $76,213,000 after buying an additional 349,789 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of ON by 189.9% during the third quarter. Cerity Partners LLC now owns 719,493 shares of the company’s stock worth $36,083,000 after buying an additional 471,323 shares in the last quarter. Lord Abbett & CO. LLC lifted its holdings in shares of ON by 338.3% during the third quarter. Lord Abbett & CO. LLC now owns 594,901 shares of the company’s stock worth $29,834,000 after buying an additional 459,157 shares in the last quarter. Finally, Wasatch Advisors LP raised its stake in ON by 4.3% in the third quarter. Wasatch Advisors LP now owns 419,536 shares of the company’s stock valued at $21,040,000 after purchasing an additional 17,362 shares in the last quarter. 36.39% of the stock is owned by institutional investors.

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.