On Holding AG Shares Experience Sharp Decline in Pre-Market Trading

On Holding AG (NYSE:ONON), known for its athletic footwear and apparel, saw its stock price take a significant dip in pre-market trading on Tuesday. After closing at $33.62, shares unexpectedly dropped to open at $29.12. During the last trading session, share prices further declined to $27.76, amid an actively traded volume of 9.4 million shares.

Analyst Ratings Changes

A slew of research analysts have updated their ratings on ONON shares. Among the noteworthy, Stifel Nicolaus maintained a 'buy' recommendation with a price objective of $40.00. The Telsey Advisory Group continued to support their 'outperform' rating, targeting a price of $37.00. On the more cautious side, Truist Financial began covering ON shares with a 'hold' rating and a price target of $29.00. Redburn Atlantic echoed a 'neutral' rating and set a target at $34.00. In January, TheStreet upgraded ON from a 'd+' to a 'c-' rating. Collectively, based on various analyst reports from MarketBeat, ON is considered a 'Moderate Buy' with an average price target of $35.89 by the analyst community.

ON Stock Performance

ON Holding AG currently stands with a market capitalization of $20.94 billion, a PE ratio of 118.89, and a PEG ratio of 1.24, in addition to a beta of 2.18. The stock's 50-day and 200-day moving averages are $29.88 and $28.45, respectively.

Institutional Trading of ON

ON shares have seen various adjustments from institutional investors. Asset Management One Co. Ltd. increased its holdings by 20.6%, now owning 2,145 shares worth about $60,000. Janney Capital Management LLC modestly upped its stake by 2.7%, while Pittenger & Anderson Inc. bolstered their investment by 34.8%. Belpointe Asset Management LLC and Spire Wealth Management made significant percentage increases to their positions within the past quarters. Overall, institutional shareholders own 18.64% of ON's stock.

About ON

Headquartered in Zurich, Switzerland, On Holding AG was established in 2010 and has a global presence in the sports products market. The company specializes in high-quality athletic footwear, apparel, and accessories and operates through various channels including independent retailers, distributors, online platforms, and their own stores.

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