On Holding AG (NYSE:ONON) Short Interest Down 14.5% in February

On Holding AG (NYSE:ONON) saw a large decrease in short interest in the month of February. As of February 27th, there was short interest totaling 14,264,759 shares, a decrease of 14.5% from the February 12th total of 16,692,374 shares. Currently, 2.3% of the shares of the stock are sold short. Based on an average trading volume of 4,054,938 shares, the short-interest ratio is presently 3.5 days. Based on an average trading volume of 4,054,938 shares, the short-interest ratio is presently 3.5 days. Currently, 2.3% of the shares of the stock are sold short.

ON Trading Down 1.8%

Shares of NYSE ONON traded down $0.73 during mid-day trading on Wednesday, hitting $39.06. 2,129,709 shares of the company traded hands, compared to its average volume of 5,417,986. The company has a quick ratio of 2.13, a current ratio of 2.71 and a debt-to-equity ratio of 0.27. ON has a 1 year low of $34.38 and a 1 year high of $61.29. The stock has a market capitalization of $24.92 billion, a price-to-earnings ratio of 54.31, a PEG ratio of 0.78 and a beta of 2.14. The business has a 50 day moving average of $44.95 and a two-hundred day moving average of $44.09.

Analysts Set New Price Targets

ONON has been the topic of a number of research analyst reports. Williams Trading lowered shares of ON from a “buy” rating to a “hold” rating and lowered their price objective for the company from $55.00 to $47.00 in a research note on Thursday, January 8th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 price objective on shares of ON in a research note on Thursday, February 26th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of ON in a report on Wednesday, March 4th. Piper Sandler reiterated an “overweight” rating on shares of ON in a research report on Friday, December 5th. Finally, Barclays reduced their price objective on shares of ON from $60.00 to $57.00 and set an “overweight” rating for the company in a research report on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.48.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Morgan Stanley lifted its position in shares of ON by 40.9% in the 4th quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock valued at $1,121,092,000 after acquiring an additional 6,997,455 shares in the last quarter. Platinum Paramount Investment LTD. purchased a new stake in shares of ON in the fourth quarter valued at $525,784,000. Sinvest Investments II Ltd. purchased a new position in shares of ON during the fourth quarter valued at $390,432,000. Sands Capital Management LLC raised its position in ON by 46.7% during the third quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company’s stock valued at $286,685,000 after buying an additional 2,155,083 shares during the period. Finally, Bamco Inc. NY boosted its position in ON by 13.9% during the 4th quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock worth $251,247,000 after acquiring an additional 658,933 shares during the period. 36.39% of the stock is currently 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.