ON (NYSE:ONON) Shares Gap Down - What Does It Mean?

On Holding AG (NYSE:ONON) saw its stock price decline before the market opened on Wednesday. The shares, which finished the previous trading session at $53.97, opened significantly lower at $51.60. In recent trading, ON shares changed hands at $52.96, with a trading volume of 3,679,717 shares.

Recent Analyst Rating Changes

ONON has been a subject of interest among market analysts lately. On November 13th, Barclays raised its price target for ON from $47.00 to $63.00, maintaining an "overweight" rating. Following this, Raymond James upgraded ON from "outperform" to "strong-buy," changing their target to $63.00 on November 21st. Needham & Company LLC also affirmed a "buy" rating, setting a price target of $64.00 on January 15th.

Citigroup began its coverage of ON in December, assigning a "neutral" rating with a target price of $65.00. Telsey Advisory Group echoed this enthusiasm by maintaining an "outperform" rating and issuing a $67.00 target price. Currently, five analysts categorize the stock as a hold, while eighteen have a buy rating and one an exceptional buy. As noted by MarketBeat.com, ON has a consensus rating of "Moderate Buy" with an average target price set at $59.73.

Current Trading Conditions

The shares of ON have shown a decrease of 0.8%. The stock's 50-day average stands at $57.15, while the 200-day average is $51.40. The company's market capitalization is approximately $32.70 billion, with a price-to-earnings ratio of 120.79, a price-to-earnings-growth ratio of 1.20, and a beta of 2.30.

Hedge Fund Activity

Institutional investor movements around ON indicate a blend of new investments and adjustments to current holdings. For example, Private Trust Co. NA acquired a new stake in ON valued at about $26,000 during the third quarter. Blue Trust Inc. significantly increased its position by 319.8%, now holding a total of 529 shares post the purchase of 403 additional shares. MidAtlantic Capital Management Inc. also invested approximately $29,000 in ON.

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA expanded its holdings by 210.5%, acquiring an additional 400 shares for a total of 590 shares valued at $28,000. Legacy Bridge LLC entered the market with a new position valued at $43,000 in the fourth quarter. Notably, 36.39% of ON shares are currently owned by institutional investors.

Company Overview

On Holding AG specializes in developing and distributing high-performance sports products, including footwear, apparel, and accessories. These products cater to activities like running, outdoor pursuits, and daily wear. ON distributes its offerings through independent retailers, global distributors, an online platform, and its own premium stores.

Conclusion

The recent price drop for ONON raises questions about market sentiment. While some analysts remain optimistic about the stock, investors may want to weigh this information carefully before making any trading decisions.

ONON, Stock, Analysts