ON (NYSE:ONON) Trading Down 5.1% – Should You Sell?

Shares of On Holding AG (NYSE:ONON) dropped 5.1% on Friday . The stock traded as low as $47.65 and last traded at $46.98. Approximately 834,028 shares changed hands during trading, a decline of 82% from the average daily volume of 4,529,434 shares. The stock had previously closed at $49.53.

Analyst Upgrades and Downgrades

A number of research firms have commented on ONON. Citigroup assumed coverage on ON in a research report on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 target price on the stock. Morgan Stanley upped their price target on ON from $62.00 to $66.00 and gave the company an “overweight” rating in a report on Wednesday. UBS Group raised their price target on ON from $65.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday. Truist Financial upped their price objective on ON from $58.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group downgraded shares of ON from a “buy” rating to a “neutral” rating and set a $57.00 price objective for the company. in a research report on Wednesday, February 12th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.36.

ON Price Performance

The stock’s 50-day simple moving average is $55.07 and its 200 day simple moving average is $52.48. The stock has a market capitalization of $29.28 billion, a P/E ratio of 107.87, a PEG ratio of 1.02 and a beta of 2.35.

Institutional Trading of ON

A number of institutional investors and hedge funds have recently bought and sold shares of ONON. Apollon Wealth Management LLC boosted its stake in ON by 74.0% during the fourth quarter. Apollon Wealth Management LLC now owns 16,005 shares of the company’s stock worth $877,000 after acquiring an additional 6,808 shares in the last quarter. RB Capital Management LLC raised its position in ON by 214.8% in the 3rd quarter. RB Capital Management LLC now owns 22,426 shares of the company’s stock valued at $1,125,000 after buying an additional 15,303 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of ON by 34.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company’s stock valued at $76,213,000 after purchasing an additional 349,789 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in ON during the fourth quarter worth about $30,000. Finally, Y Intercept Hong Kong Ltd grew its position in ON by 584.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company’s stock worth $4,195,000 after purchasing an additional 71,436 shares in the last quarter. 36.39% of the stock is currently owned by institutional investors and hedge funds.

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.