ON (NYSE:ONON) Shares Gap Up After Analyst Upgrade

On Holding AG (NYSE:ONON) gapped up before the market opened on Wednesday after TD Cowen raised their price target on the stock from $55.00 to $57.00. The stock had previously closed at $35.18, but opened at $43.84. TD Cowen currently has a buy rating on the stock. ON shares last traded at $42.44, with a volume of 22,088,482 shares.

A number of other equities analysts have also weighed in on the stock. The Goldman Sachs Group increased their target price on shares of ON from $50.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday. Jefferies Financial Group restated an “underperform” rating and set a $31.00 price target on shares of ON in a research note on Wednesday. Needham & Company LLC cut their price objective on shares of ON from $62.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday. Zacks Research raised shares of ON from a “strong sell” rating to a “hold” rating in a report on Tuesday. Finally, Raymond James Financial dropped their target price on ON from $66.00 to $55.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, two have given 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 an average price target of $61.14.

Hedge Funds Weigh In On ON

A number of hedge funds have recently modified their holdings of ONON. Schonfeld Strategic Advisors LLC grew its stake in ON by 269.5% in the third quarter. Schonfeld Strategic Advisors LLC now owns 152,814 shares of the company’s stock worth $6,472,000 after purchasing an additional 111,453 shares during the period. Credit Agricole S A bought a new stake in shares of ON during the 3rd quarter valued at $2,446,000. Virtu Financial LLC purchased a new stake in shares of ON in the 3rd quarter worth about $709,000. ThornTree Capital Partners LP grew its position in shares of ON by 53.9% in the 3rd quarter. ThornTree Capital Partners LP now owns 579,034 shares of the company’s stock worth $24,522,000 after buying an additional 202,856 shares during the period. Finally, Man Group plc increased its stake in shares of ON by 42.9% in the 3rd quarter. Man Group plc now owns 430,527 shares of the company’s stock worth $18,233,000 after acquiring an additional 129,276 shares in the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON Stock Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53. The business’s 50-day moving average is $41.63 and its 200-day moving average is $48.18. The company has a market capitalization of $26.77 billion, a PE ratio of 55.21, a PEG ratio of 5.27 and a beta of 2.18.

ON (NYSE:ONON) last announced its quarterly earnings data on Tuesday, August 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.35). The company had revenue of $944.29 million for the quarter, compared to analysts’ expectations of $707.74 million. ON had a net margin of 7.45% and a return on equity of 15.47%. The firm’s quarterly revenue was up 32.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 EPS. On average, research analysts anticipate that On Holding AG will post 0.66 earnings per share for the current year.

About ON

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.