ON (NYSE:ONON) Stock Price Down 5.3% – What’s Next?

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

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Barclays decreased their target price on shares of ON from $60.00 to $57.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 4th. KeyCorp reissued an “overweight” rating on shares of ON in a report on Wednesday, March 4th. Piper Sandler restated an “overweight” rating on shares of ON in a research report on Friday, December 5th. BTIG Research reaffirmed a “buy” rating and issued a $70.00 target price on shares of ON in a report on Tuesday, March 3rd. Finally, Zacks Research downgraded shares of ON from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.24.

ON Trading Down 4.5%

The firm has a market cap of $21.18 billion, a PE ratio of 46.11, a PEG ratio of 0.68 and a beta of 2.23. 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 moving average price of $42.53 and a two-hundred day moving average price of $43.43.

Insider Transactions at ON

In other ON news, CEO Martin Hoffmann sold 4,150 shares of the company’s 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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 68.57% of the company’s stock.

Institutional Investors Weigh In On ON

Institutional investors and hedge funds have recently bought and sold shares of the stock. Morgan Stanley grew its holdings in ON by 40.9% during the 4th quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock valued at $1,121,092,000 after buying an additional 6,997,455 shares during 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. acquired a new stake in shares of ON during the fourth quarter valued at $390,432,000. Sands Capital Management LLC raised its stake in ON by 46.7% in the 3rd quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company’s stock valued at $286,685,000 after purchasing an additional 2,155,083 shares during the last quarter. Finally, Bamco Inc. NY lifted its holdings in ON by 13.9% in the 4th quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock valued at $251,247,000 after purchasing an additional 658,933 shares in the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

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.