ON (NYSE:ONON) Shares Gap Up – Here’s What Happened

On Holding AG (NYSE:ONON) shares gapped up before the market opened on Tuesday . The stock had previously closed at $52.71, but opened at $53.95. ON shares last traded at $50.94, with a volume of 1,990,641 shares traded.

Wall Street Analysts Forecast Growth

ONON has been the topic of several analyst reports. HSBC initiated coverage on ON in a report on Thursday, September 5th. They set a “hold” rating and a $52.00 target price on the stock. Stifel Nicolaus upped their target price on ON from $45.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Hsbc Global Res upgraded ON to a “hold” rating in a report on Thursday, September 5th. TD Cowen upped their target price on ON from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, Raymond James started coverage on ON in a research report on Wednesday, July 31st. They set an “outperform” rating and a $46.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $50.37.

ON Price Performance

The company has a market cap of $32.92 billion, a price-to-earnings ratio of 97.68 and a beta of 2.25. The firm has a 50-day moving average price of $48.97 and a 200 day moving average price of $42.76.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.04). The company had revenue of $627.66 million during the quarter, compared to the consensus estimate of $634.43 million. ON had a net margin of 7.42% and a return on equity of 13.02%. On average, equities analysts anticipate that On Holding AG will post 0.75 EPS for the current fiscal year.

Institutional Investors Weigh In On ON

Several institutional investors have recently made changes to their positions in the stock. Cerity Partners LLC boosted its stake in shares of ON by 189.9% in the third quarter. Cerity Partners LLC now owns 719,493 shares of the company’s stock valued at $36,083,000 after buying an additional 471,323 shares during the period. Landscape Capital Management L.L.C. acquired a new position in ON during the third quarter valued at approximately $4,224,000. King Luther Capital Management Corp lifted its stake in ON by 1.0% during the third quarter. King Luther Capital Management Corp now owns 56,595 shares of the company’s stock worth $2,838,000 after purchasing an additional 574 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in ON by 53.0% during the third quarter. Advisors Asset Management Inc. now owns 7,572 shares of the company’s stock worth $380,000 after purchasing an additional 2,622 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in ON during the third quarter worth $29,000. 33.11% of the stock is currently owned by institutional investors.

About ON

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.