ON (NYSE:ONON) Shares Gap Down - What's Next?

On Holding AG (NYSE:ONON - Get Free Report) shares 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 trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ONON. Bank of America initiated coverage on shares of ON in a report on Tuesday, January 7th. They set a "buy" rating and a $73.00 price target on the stock. Telsey Advisory Group reissued an "outperform" rating and set a $67.00 price target on shares of ON in a research note on Wednesday, January 15th. Morgan Stanley increased their target price on ON from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 21st. TD Cowen upped their price target on shares of ON from $65.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, January 8th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $64.00 price objective on shares of ON in a research report on Wednesday, January 15th. 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's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.73.

ON Trading Up 2.9 %

The company has a 50-day moving average of $56.83 and a 200-day moving average of $51.73. The company has a market capitalization of $33.71 billion, a price-to-earnings ratio of 124.49, a price-to-earnings-growth ratio of 1.20 and a beta of 2.30.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Capital Advisors Inc. OK lifted its stake in shares of ON by 3.2% in the 4th quarter. Capital Advisors Inc. OK now owns 6,386 shares of the company's stock valued at $350,000 after purchasing an additional 200 shares during the last quarter. Keystone Investors PTE Ltd. lifted its position in ON by 0.8% in the fourth quarter. Keystone Investors PTE Ltd. now owns 29,918 shares of the company's stock valued at $1,639,000 after buying an additional 228 shares during the last quarter. Concurrent Investment Advisors LLC increased its position in shares of ON by 2.8% during the fourth quarter. Concurrent Investment Advisors LLC now owns 9,413 shares of the company's stock valued at $516,000 after acquiring an additional 259 shares during the last quarter. CreativeOne Wealth LLC raised its stake in shares of ON by 2.4% in the 4th quarter. CreativeOne Wealth LLC now owns 13,574 shares of the company's stock valued at $743,000 after acquiring an additional 323 shares during the period. Finally, Atria Investments Inc boosted its position in shares of ON by 6.6% during the 4th quarter. Atria Investments Inc now owns 5,515 shares of the company's stock worth $302,000 after purchasing an additional 341 shares during the period. 36.39% of the stock is currently owned by hedge funds and other 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.