ON (NYSE:ONON) Shares Gap Down on Insider Selling

On Holding AG (NYSE:ONON)’s stock price gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $39.59, but opened at $36.97. ON shares last traded at $35.9540, with a volume of 5,939,816 shares.

Specifically, CEO Martin Hoffmann sold 4,150 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $39.79, for a total value of $165,128.50. Following the completion of the transaction, the chief executive officer owned 1,357,020 shares of the company’s stock, valued at $53,995,825.80. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ONON shares. Williams Trading downgraded shares of ON from a “buy” rating to a “hold” rating and cut their price target for the company from $55.00 to $47.00 in a report on Thursday, January 8th. KeyCorp reiterated an “overweight” rating on shares of ON in a research note on Wednesday, March 4th. Guggenheim reduced their target price on ON from $59.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, March 4th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of ON in a report on Wednesday, March 4th. Finally, UBS Group reiterated a “buy” rating on shares of ON in a research report on Thursday, February 19th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, ON has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

ON Trading Down 9.5%

The stock has a market capitalization of $22.85 billion, a price-to-earnings ratio of 49.90, a PEG ratio of 0.79 and a beta of 2.14. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.71 and a quick ratio of 2.13. The business has a 50 day simple moving average of $43.96 and a 200-day simple moving average of $43.87.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Cullen Frost Bankers Inc. increased its stake in ON by 639.7% in the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after buying an additional 467 shares during the last quarter. Caitlin John LLC acquired a new stake in ON in the fourth quarter valued at $25,000. MidAtlantic Capital Management Inc. bought a new position in shares of ON in the 4th quarter valued at about $27,000. Caitong International Asset Management Co. Ltd increased its stake in shares of ON by 555.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock worth $33,000 after purchasing an additional 594 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its holdings in shares of ON by 109.9% in the 4th quarter. TD Private Client Wealth LLC now owns 804 shares of the company’s stock valued at $37,000 after purchasing an additional 421 shares during the period. 36.39% of the stock is owned by institutional investors and hedge funds.

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.