ON (NYSE:ONON) Shares Gap Down - Here's Why

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Robert W. Baird upped their target price on ON from $55.00 to $63.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 13th. Truist Financial upped their target price on ON from $58.00 to $61.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Raymond James upgraded ON from an "outperform" rating to a "strong-buy" rating and upped their target price for the stock from $58.00 to $63.00 in a research note on Thursday, November 21st. KeyCorp upped their target price on ON from $60.00 to $68.00 and gave the stock an "overweight" rating in a research note on Thursday, January 23rd. Finally, UBS Group reiterated a "buy" rating and set a $63.00 price objective on shares of ON in a research report on Friday, December 27th. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $59.73.

ON Trading Down 0.8 %

The firm has a fifty day moving average of $56.89 and a two-hundred day moving average of $51.65. The company has a market capitalization of $32.70 billion, a PE ratio of 120.79, a PEG ratio of 1.20 and a beta of 2.30.

Institutional Investors Weigh In On ON

Several institutional investors and hedge funds have recently bought and sold shares of the business. Capital Advisors Inc. OK lifted its holdings in ON by 3.2% in the 4th quarter. Capital Advisors Inc. OK now owns 6,386 shares of the company's stock worth $350,000 after buying an additional 200 shares during the period. Keystone Investors PTE Ltd. lifted its holdings in ON by 0.8% in the 4th quarter. Keystone Investors PTE Ltd. now owns 29,918 shares of the company's stock worth $1,639,000 after buying an additional 228 shares during the period. Concurrent Investment Advisors LLC lifted its holdings in ON by 2.8% in the 4th quarter. Concurrent Investment Advisors LLC now owns 9,413 shares of the company's stock worth $516,000 after buying an additional 259 shares during the period. CreativeOne Wealth LLC lifted its holdings in ON by 2.4% in the 4th quarter. CreativeOne Wealth LLC now owns 13,574 shares of the company's stock worth $743,000 after buying an additional 323 shares during the period. Finally, Atria Investments Inc lifted its holdings in ON by 6.6% in the 4th quarter. Atria Investments Inc now owns 5,515 shares of the company's stock worth $302,000 after buying an additional 341 shares during the period. Hedge funds and other institutional investors own 36.39% of the company's stock.

About ON

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.