ON (NYSE:ONON) Hits New 1-Year High – Still a Buy?

On Holding AG (NYSE:ONON)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $62.37 and last traded at $62.52, with a volume of 1690873 shares trading hands. The stock had previously closed at $59.90.

Analysts Set New Price Targets

Several research firms have recently commented on ONON. BTIG Research raised shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 price target for the company in a research report on Wednesday, November 13th. The Goldman Sachs Group upped their target price on shares of ON from $50.00 to $57.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Needham & Company LLC reiterated a “buy” rating and set a $64.00 price target on shares of ON in a research note on Wednesday, January 15th. TD Cowen upped their price objective on ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $67.00 target price on shares of ON in a research report on Wednesday, January 15th. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $59.73.

ON Stock Up 0.6 %

The company has a market capitalization of $39.95 billion, a P/E ratio of 147.48, a price-to-earnings-growth ratio of 1.19 and a beta of 2.30. The business has a 50 day moving average of $57.21 and a 200 day moving average of $50.12.

Institutional Trading of ON

Hedge funds have recently made changes to their positions in the business. Bank of Montreal Can raised its position in ON by 21.9% in the 2nd quarter. Bank of Montreal Can now owns 36,425 shares of the company’s stock worth $1,419,000 after purchasing an additional 6,551 shares during the period. Creative Planning grew its position in ON by 13.6% in the 2nd quarter. Creative Planning now owns 17,619 shares of the company’s stock valued at $684,000 after acquiring an additional 2,115 shares during the last quarter. Quarry LP purchased a new stake in ON in the second quarter worth $32,000. Truist Financial Corp bought a new stake in shares of ON during the second quarter worth $463,000. Finally, Granite Bay Wealth Management LLC purchased a new stake in shares of ON during the second quarter valued at $230,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

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.