ON (NYSE:ONON) Stock Price Down 5.3% – Here’s What Happened

On Holding AG (NYSE:ONON)’s share price traded down 5.3% on Thursday . The company traded as low as $32.89 and last traded at $32.9380. 3,109,737 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 6,096,957 shares. The stock had previously closed at $34.77.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Barclays lowered their price objective on ON from $60.00 to $57.00 and set an “overweight” rating for the company in a research report on Wednesday, March 4th. KeyCorp restated an “overweight” rating on shares of ON in a research note on Wednesday, March 4th. Stifel Nicolaus set a $58.00 price target on ON in a report on Tuesday, March 3rd. Truist Financial dropped their price target on shares of ON from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Finally, Williams Trading cut shares of ON from a “buy” rating to a “hold” rating and cut their price objective for the stock from $55.00 to $47.00 in a report on Thursday, January 8th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

ON Price Performance

The company has a quick ratio of 2.13, a current ratio of 2.71 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $21.18 billion, a price-to-earnings ratio of 46.11, a P/E/G ratio of 0.68 and a beta of 2.23. The company has a fifty day moving average price of $42.53 and a two-hundred day moving average price of $43.43.

Insiders Place Their Bets

In other news, CEO Martin Hoffmann sold 4,150 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $39.79, for a total value of $165,128.50. Following the transaction, the chief executive officer owned 1,357,020 shares of the company’s stock, valued at approximately $53,995,825.80. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 68.57% of the company’s stock.

Hedge Funds Weigh In On ON

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jacobi Capital Management LLC increased its stake in shares of ON by 3.6% during the fourth quarter. Jacobi Capital Management LLC now owns 6,875 shares of the company’s stock worth $320,000 after acquiring an additional 240 shares during the period. Lido Advisors LLC increased its position in ON by 1.2% during the 2nd quarter. Lido Advisors LLC now owns 23,754 shares of the company’s stock worth $1,236,000 after purchasing an additional 285 shares during the period. Parallel Advisors LLC raised its stake in shares of ON by 2.8% during the 4th quarter. Parallel Advisors LLC now owns 10,455 shares of the company’s stock worth $486,000 after buying an additional 285 shares in the last quarter. J.W. Cole Advisors Inc. lifted its holdings in shares of ON by 2.4% in the 4th quarter. J.W. Cole Advisors Inc. now owns 12,283 shares of the company’s stock valued at $571,000 after buying an additional 285 shares during the period. Finally, Parsons Capital Management Inc. RI boosted its stake in shares of ON by 4.3% in the third quarter. Parsons Capital Management Inc. RI now owns 7,238 shares of the company’s stock valued at $307,000 after buying an additional 300 shares in the last quarter. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

ON Company Profile

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.