ON Target of Unusually High Options Trading (NYSE:ONON)

On Holding AG (NYSE:ONON) was the target of some unusual options trading activity on Tuesday. Stock traders acquired 19,301 call options on the company. This is an increase of approximately 38% compared to the typical volume of 13,997 call options.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ONON. Hsbc Global Res raised shares of ON from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 11th. Barclays decreased their target price on shares of ON from $64.00 to $52.00 and set an “overweight” rating for the company in a research report on Monday. UBS Group increased their price target on ON from $56.00 to $59.00 and gave the stock a “buy” rating in a report on Monday, April 28th. Citigroup upgraded ON from a “neutral” rating to a “buy” rating and cut their price target for the stock from $65.00 to $60.00 in a report on Monday, April 28th. Finally, HSBC upgraded 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. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $58.18.

Hedge Funds Weigh In On ON

A number of large investors have recently modified their holdings of ONON. FMR LLC lifted its stake in ON by 1.6% during the 4th quarter. FMR LLC now owns 28,875,965 shares of the company’s stock valued at $1,581,537,000 after acquiring an additional 462,738 shares in the last quarter. Alliancebernstein L.P. lifted its stake in ON by 2.8% during the 4th quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company’s stock valued at $951,808,000 after acquiring an additional 471,805 shares in the last quarter. Jennison Associates LLC lifted its stake in ON by 136.6% during the 1st quarter. Jennison Associates LLC now owns 4,848,438 shares of the company’s stock valued at $212,943,000 after acquiring an additional 2,798,794 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in ON by 0.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company’s stock valued at $184,109,000 after acquiring an additional 18,752 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of ON during the 4th quarter valued at $164,574,000. 36.39% of the stock is currently owned by institutional investors.

ON Stock Up 11.9%

Shares of ONON opened at $57.41 on Wednesday. ON has a 12-month low of $33.55 and a 12-month high of $64.05. The business’s fifty day moving average is $45.33 and its 200 day moving average is $51.52. The stock has a market cap of $36.15 billion, a P/E ratio of 133.51, a P/E/G ratio of 1.02 and a beta of 2.30.

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, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.