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

On Holding AG (NYSE:ONON) shares gapped up before the market opened on Monday . The stock had previously closed at $45.03, but opened at $46.01. ON shares last traded at $46.62, with a volume of 459,936 shares traded.

Analyst Upgrades and Downgrades

ONON has been the subject of a number of recent research reports. Morgan Stanley increased their price objective on shares of ON from $62.00 to $66.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Barclays upped their price objective on shares of ON from $63.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Hsbc Global Res upgraded shares of ON from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 11th. UBS Group increased their price target on shares of ON from $65.00 to $73.00 and gave the company a “buy” rating in a report on Wednesday, March 5th. Finally, Williams Trading upped their target price on ON from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $59.77.

ON Stock Up 2.0 %

The company has a 50-day simple moving average of $45.37 and a two-hundred day simple moving average of $51.49. The stock has a market cap of $28.93 billion, a P/E ratio of 106.77, a P/E/G ratio of 1.02 and a beta of 2.32.

Hedge Funds Weigh In On ON

Several hedge funds and other institutional investors have recently modified their holdings of ONON. Strategic Financial Concepts LLC purchased a new stake in shares of ON in the fourth quarter worth $30,000. Park Square Financial Group LLC purchased a new stake in shares of ON during the fourth quarter valued at $32,000. MassMutual Private Wealth & Trust FSB purchased a new stake in shares of ON during the 1st quarter valued at about $32,000. Legacy Bridge LLC purchased a new stake in shares of ON during the 4th quarter valued at about $43,000. Finally, Bernard Wealth Management Corp. bought a new position in ON in the 4th quarter worth $44,000. 36.39% of the stock is owned by institutional investors.

ON Company Profile

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.