Stock Traders Purchase Large Volume of ON Call Options (NYSE:ONON)

On Holding AG (NYSE:ONON) was the target of unusually large options trading activity on Friday. Stock traders bought 21,170 call options on the company. This is an increase of approximately 39% compared to the typical volume of 15,254 call options.

ON Stock Performance

Shares of NYSE ONON traded up $2.82 during mid-day trading on Friday, reaching $50.41. 4,199,112 shares of the company’s stock were exchanged, compared to its average volume of 5,006,719. The company’s 50-day moving average is $47.94 and its 200-day moving average is $41.22. The firm has a market capitalization of $31.74 billion, a price-to-earnings ratio of 96.44 and a beta of 2.24. ON has a 52-week low of $24.15 and a 52-week high of $52.80.

ON (NYSE:ONON) last announced its earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.04). The company had revenue of $627.66 million for the quarter, compared to analysts’ expectations of $634.43 million. ON had a return on equity of 13.02% and a net margin of 7.42%. As a group, equities analysts predict that ON will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of ON

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONON. Wealthcare Advisory Partners LLC grew its stake in shares of ON by 32.9% in the first quarter. Wealthcare Advisory Partners LLC now owns 34,180 shares of the company’s stock valued at $1,209,000 after buying an additional 8,455 shares in the last quarter. Artemis Investment Management LLP increased its stake in ON by 94.1% during the first quarter. Artemis Investment Management LLP now owns 16,108 shares of the company’s stock worth $570,000 after purchasing an additional 7,810 shares during the period. Register Financial Advisors LLC purchased a new stake in ON during the first quarter worth about $100,000. KRS Capital Management LLC lifted its position in shares of ON by 13.7% during the first quarter. KRS Capital Management LLC now owns 14,075 shares of the company’s stock worth $498,000 after purchasing an additional 1,700 shares in the last quarter. Finally, WD Rutherford LLC purchased a new position in shares of ON in the first quarter valued at approximately $52,000. Hedge funds and other institutional investors own 33.11% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ONON shares. Raymond James started coverage on ON in a report on Wednesday, July 31st. They issued an “outperform” rating and a $46.00 price objective on the stock. Hsbc Global Res raised ON to a “hold” rating in a research note on Thursday, September 5th. The Goldman Sachs Group increased their price objective on ON from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Bank of America raised shares of ON from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $21.00 to $55.00 in a research note on Monday, September 23rd. Finally, TD Cowen increased their target price on shares of ON from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.74.

ON Company Profile

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.