ON (NYSE:ONON) Shares Gap Down – Time to Sell?

Shares of On Holding AG (NYSE:ONON) gapped down before the market opened on Thursday . The stock had previously closed at $44.92, but opened at $37.50. ON shares last traded at $38.71, with a volume of 5,225,822 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ONON shares. TD Cowen raised their target price on ON from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Hsbc Global Res upgraded shares of ON from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 11th. HSBC upgraded shares of ON from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Tuesday, March 11th. Jefferies Financial Group assumed coverage on shares of ON in a report on Tuesday. They issued a “hold” rating and a $44.00 price target for the company. Finally, Williams Trading increased their price objective on ON from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, ON presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.45.

ON Price Performance

The company has a market capitalization of $24.38 billion, a price-to-earnings ratio of 90.05, a PEG ratio of 1.02 and a beta of 2.35. The firm has a 50-day moving average price of $51.23 and a two-hundred day moving average price of $52.58.

Institutional Trading of ON

A number of hedge funds and other institutional investors have recently made changes to their positions in ONON. MassMutual Private Wealth & Trust FSB bought a new position in ON in the first quarter valued at $32,000. Wealth Enhancement Advisory Services LLC raised its position in shares of ON by 3.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 18,707 shares of the company’s stock valued at $1,025,000 after purchasing an additional 705 shares during the period. Wealthedge Investment Advisors LLC acquired a new stake in shares of ON during the 4th quarter worth about $1,556,000. Park Square Financial Group LLC bought a new stake in shares of ON during the 4th quarter worth about $32,000. Finally, Azzad Asset Management Inc. ADV grew its stake in ON by 0.4% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 146,393 shares of the company’s stock valued at $8,018,000 after buying an additional 608 shares during the last quarter. 36.39% of the stock is currently owned by institutional investors and hedge funds.

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.