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

Shares of On Holding AG (NYSE:ONON) gapped down prior to trading on Friday . The stock had previously closed at $46.00, but opened at $44.84. ON shares last traded at $43.61, with a volume of 774,507 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ONON. Stifel Nicolaus increased their target price on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. UBS Group lifted their price objective on ON from $65.00 to $73.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. KeyCorp restated an “overweight” rating and set a $68.00 target price on shares of ON in a report on Wednesday, March 5th. HSBC upgraded shares of ON from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Tuesday, March 11th. Finally, Needham & Company LLC restated a “buy” rating and issued a $64.00 price objective on shares of ON in a report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $61.90.

ON Price Performance

The company’s 50-day simple moving average is $52.41 and its 200 day simple moving average is $52.62. The firm has a market cap of $27.74 billion, a P/E ratio of 102.67, a price-to-earnings-growth ratio of 1.02 and a beta of 2.35.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Private Trust Co. NA bought a new stake in ON during the 3rd quarter valued at $26,000. Strategic Financial Concepts LLC purchased a new stake in ON during the 4th quarter worth approximately $30,000. Park Square Financial Group LLC acquired a new position in ON during the 4th quarter valued at approximately $32,000. Legacy Bridge LLC purchased a new position in shares of ON in the fourth quarter worth $43,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of ON during the fourth quarter worth $44,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

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.