ON (NYSE:ONON) Hits New 52-Week Low – What’s Next?

On Holding AG (NYSE:ONON)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $27.29 and last traded at $27.2050, with a volume of 1255931 shares changing hands. The stock had previously closed at $27.99.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Telsey Advisory Group dropped their price objective on shares of ON from $51.00 to $43.00 and set an “outperform” rating for the company in a research note on Wednesday, August 12th. Truist Financial lowered their target price on ON from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Guggenheim reissued a “buy” rating and set a $51.00 price target on shares of ON in a research report on Wednesday, May 13th. BTIG Research cut their price target on ON from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Finally, Weiss Ratings upgraded ON from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.57.

ON Price Performance

The company has a market capitalization of $17.33 billion, a price-to-earnings ratio of 18.49, a P/E/G ratio of 0.57 and a beta of 2.08. The company has a fifty day simple moving average of $34.16 and a two-hundred day simple moving average of $36.74. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.07). The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.09 billion. ON had a return on equity of 22.92% and a net margin of 12.09%.ON’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.09) EPS. As a group, research analysts anticipate that On Holding AG will post 1.47 earnings per share for the current year.

Insider Activity

In other ON news, insider Olivier Bernhard purchased 65,000 shares of the stock in a transaction on Friday, August 14th. The stock was bought at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the acquisition, the insider directly owned 5,228,184 shares of the company’s stock, valued at $160,348,403.28. This represents a 1.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Caspar Coppetti acquired 65,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were bought at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the purchase, the chief executive officer owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. The trade was a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Institutional Investors Weigh In On ON

A number of institutional investors have recently bought and sold shares of ONON. Caitlin John LLC acquired a new position in ON during the fourth quarter worth approximately $25,000. Cullen Frost Bankers Inc. boosted its holdings in shares of 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 purchasing an additional 467 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of ON in the 4th quarter valued at $27,000. Caitong International Asset Management Co. Ltd grew 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 valued at $33,000 after buying an additional 594 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of ON by 69.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $26,000 after buying an additional 312 shares during the period. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

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.