Traders Buy High Volume of ON Call Options (NYSE:ONON)

On Holding AG (NYSE:ONON) was the recipient of unusually large options trading on Monday. Traders purchased 82,420 call options on the stock. This is an increase of approximately 377% compared to the average volume of 17,278 call options.

ON Stock Performance

ONON traded up $0.63 on Monday, hitting $47.11. 5,430,212 shares of the company traded hands, compared to its average volume of 4,825,359. ON has a 12-month low of $34.38 and a 12-month high of $61.29. The company has a 50 day moving average of $46.41 and a 200-day moving average of $44.42. The company has a quick ratio of 2.05, a current ratio of 2.55 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $29.58 billion, a PE ratio of 61.14, a PEG ratio of 1.39 and a beta of 2.14.

Analyst Upgrades and Downgrades

ONON has been the topic of a number of recent research reports. Guggenheim upgraded shares of ON to a “strong-buy” rating in a research note on Wednesday, December 10th. Truist Financial cut their target price on shares of ON from $69.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, November 10th. Jefferies Financial Group reissued an “underperform” rating and issued a $31.00 price target on shares of ON in a research report on Wednesday, November 12th. The Goldman Sachs Group increased their price objective on ON from $50.00 to $52.00 and gave the company a “neutral” rating in a research note on Thursday, November 13th. Finally, Williams Trading cut ON from a “buy” rating to a “hold” rating and lowered their target price for the stock from $55.00 to $47.00 in a research note on Thursday, January 8th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.86.

Hedge Funds Weigh In On ON

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