ON (NYSE:ONON) Shares Up 6.4% – Time to Buy?

On Holding AG (NYSE:ONON) rose 6.4% on Friday . The company traded as high as $37.38 and last traded at $40.05. Approximately 4,431,329 shares were traded during trading, a decline of 1% from the average daily volume of 4,478,766 shares. The stock had previously closed at $37.65.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ONON. HSBC raised ON from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Tuesday, March 11th. Barclays boosted their target price on ON from $63.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. Needham & Company LLC lowered their price target on ON from $64.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday. KeyCorp reissued an “overweight” rating and set a $68.00 price objective on shares of ON in a research report on Wednesday, March 5th. Finally, Stifel Nicolaus lifted their target price on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, ON presently has a consensus rating of “Moderate Buy” and an average target price of $60.45.

ON Stock Up 6.9 %

The company has a market cap of $25.33 billion, a PE ratio of 94.42, a P/E/G ratio of 1.02 and a beta of 2.35. The business’s fifty day moving average is $50.77 and its 200-day moving average is $52.48.

Institutional Investors Weigh In On ON

Hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in ON during the fourth quarter valued at $164,574,000. Arrowstreet Capital Limited Partnership bought a new position in shares of ON in the fourth quarter worth about $78,799,000. Axiom Investors LLC DE purchased a new position in shares of ON during the 4th quarter valued at about $39,320,000. BNP Paribas Financial Markets bought a new position in shares of ON during the 4th quarter valued at approximately $39,119,000. Finally, Raymond James Financial Inc. purchased a new stake in ON in the 4th quarter worth approximately $28,575,000. Institutional investors own 36.39% of the company’s stock.

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, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.