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

On Holding AG (NYSE:ONON) shares gapped up before the market opened on Tuesday . The stock had previously closed at $52.71, but opened at $53.95. ON shares last traded at $50.94, with a volume of 1,990,641 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ONON. Evercore ISI raised ON to an “overweight” rating and raised their price objective for the company from $43.00 to $47.00 in a research note on Monday, August 12th. The Goldman Sachs Group boosted their price objective on shares of ON from $50.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group boosted their target price on shares of ON from $61.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Sandler raised their price target on ON from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. Finally, Telsey Advisory Group reissued an “outperform” rating and set a $53.00 price objective on shares of ON in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, ON currently has an average rating of “Moderate Buy” and a consensus target price of $54.33.

ON Price Performance

The stock has a market capitalization of $33.19 billion, a P/E ratio of 122.58 and a beta of 2.25. The company’s 50 day simple moving average is $49.24 and its two-hundred day simple moving average is $42.97.

ON (NYSE:ONON) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). ON had a return on equity of 11.02% and a net margin of 5.87%. The business had revenue of $627.66 million for the quarter, compared to the consensus estimate of $634.43 million. On average, research analysts anticipate that On Holding AG will post 0.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of ON in the 1st quarter worth $958,000. Oppenheimer & Co. Inc. bought a new position in ON during the 1st quarter worth approximately $208,000. Sei Investments Co. raised its holdings in ON by 16.1% in the first quarter. Sei Investments Co. now owns 525,478 shares of the company’s stock worth $18,591,000 after purchasing an additional 72,859 shares during the period. SageView Advisory Group LLC acquired a new stake in ON during the 1st quarter worth $656,000. Finally, Blair William & Co. IL acquired a new position in ON in the first quarter valued at about $502,000. 33.11% of the stock is currently owned by institutional investors and hedge funds.

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.