ON (NYSE:ONON) Reaches New 52-Week High – Here’s Why

On Holding AG (NYSE:ONON)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $56.66 and last traded at $56.51, with a volume of 2287446 shares changing hands. The stock had previously closed at $53.74.

Analysts Set New Price Targets

Several research firms have recently issued reports on ONON. Piper Sandler lifted their price target on ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, October 3rd. Bank of America raised ON from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $21.00 to $55.00 in a report on Monday, September 23rd. Hsbc Global Res raised ON to a “hold” rating in a report on Thursday, September 5th. Robert W. Baird boosted their target price on ON from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Morgan Stanley boosted their target price on ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.14.

ON Price Performance

The firm has a market cap of $35.38 billion, a PE ratio of 131.42 and a beta of 2.25. The stock has a 50-day moving average price of $50.01 and a 200 day moving average price of $43.68.

Institutional Trading of ON

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Ameritas Advisory Services LLC boosted its position in shares of ON by 1.3% during the second quarter. Ameritas Advisory Services LLC now owns 23,806 shares of the company’s stock worth $924,000 after buying an additional 300 shares during the period. Capital Advisors Inc. OK raised its stake in ON by 5.1% during the 3rd quarter. Capital Advisors Inc. OK now owns 6,186 shares of the company’s stock valued at $310,000 after purchasing an additional 301 shares during the period. Artemis Investment Management LLP increased its stake in shares of ON by 1.9% in the second quarter. Artemis Investment Management LLP now owns 16,410 shares of the company’s stock worth $637,000 after acquiring an additional 302 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in shares of ON by 3.2% in the second quarter. Crossmark Global Holdings Inc. now owns 10,423 shares of the company’s stock worth $404,000 after acquiring an additional 325 shares during the last quarter. Finally, Asset Dedication LLC increased its stake in shares of ON by 25.8% in the second quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock worth $62,000 after acquiring an additional 327 shares during the last quarter. 33.11% of the stock is owned by hedge funds and other 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.