ON (NYSE:ONON) Shares Gap Up – Should You Buy?

On Holding AG (NYSE:ONONGet Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $47.59, but opened at $49.05. ON shares last traded at $50.74, with a volume of 1,197,199 shares.

Analysts Set New Price Targets

A number of brokerages have commented on ONON. TD Cowen boosted their price objective on ON from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Stifel Nicolaus boosted their price target on ON from $45.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Morgan Stanley increased their price objective on shares of ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. Hsbc Global Res raised shares of ON to a “hold” rating in a research report on Thursday, September 5th. Finally, KeyCorp raised their price target on shares of ON from $47.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Four equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.74.

Read Our Latest Report on ONON

ON Price Performance

The stock’s fifty day simple moving average is $47.94 and its two-hundred day simple moving average is $41.22. The company has a market capitalization of $32.18 billion, a price-to-earnings ratio of 95.74 and a beta of 2.24.

ON (NYSE:ONONGet Free Report) last released its quarterly earnings data 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). ON had a return on equity of 13.02% and a net margin of 7.42%. The business had revenue of $627.66 million for the quarter, compared to analyst estimates of $634.43 million. On average, sell-side analysts predict that On Holding AG will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ONON. Blue Trust Inc. boosted its holdings in shares of ON by 319.8% during the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after acquiring an additional 403 shares during the period. Quarry LP acquired a new position in ON during the 2nd quarter valued at about $32,000. MFA Wealth Advisors LLC acquired a new position in ON during the 3rd quarter valued at about $50,000. WD Rutherford LLC bought a new position in ON in the 1st quarter worth about $52,000. Finally, Asset Dedication LLC increased its stake in shares of ON by 25.8% in the second quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock valued at $62,000 after purchasing an additional 327 shares during the period. 33.11% of the stock is currently owned by institutional investors.

About ON

(Get Free Report)

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.

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