ON (NYSE:ONON) Shares Gap Down – Here’s What Happened

On Holding AG (NYSE:ONON) shares gapped down prior to trading on Friday . The stock had previously closed at $63.62, but opened at $60.80. ON shares last traded at $60.23, with a volume of 1,051,880 shares traded.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $64.00 target price on shares of ON in a report on Wednesday, January 15th. The Goldman Sachs Group raised their price target on shares of ON from $50.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. KeyCorp raised their price target on shares of ON from $60.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Citigroup started coverage on shares of ON in a report on Wednesday, December 18th. They set a “neutral” rating and a $65.00 price target for the company. Finally, Williams Trading raised shares of ON from a “hold” rating to a “buy” rating and raised their price objective for the company from $40.00 to $60.00 in a research report on Wednesday, November 13th. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, ON has an average rating of “Moderate Buy” and an average target price of $59.73.

ON Stock Down 3.4 %

The stock’s 50-day moving average is $57.36 and its 200-day moving average is $50.21. The firm has a market cap of $38.69 billion, a P/E ratio of 142.68, a price-to-earnings-growth ratio of 1.27 and a beta of 2.30.

Hedge Funds Weigh In On ON

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can boosted its stake in ON by 21.9% during the second quarter. Bank of Montreal Can now owns 36,425 shares of the company’s stock worth $1,419,000 after buying an additional 6,551 shares in the last quarter. Creative Planning increased its holdings 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 buying an additional 2,115 shares during the period. Quarry LP bought a new stake in ON in the 2nd quarter valued at $32,000. Truist Financial Corp bought a new stake in ON in the 2nd quarter valued at $463,000. Finally, Sanctuary Advisors LLC bought a new stake in ON in the 2nd quarter valued at $1,108,000. Institutional investors own 36.39% of the company’s stock.

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, 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.