ON (NYSE:ONON) Shares Gap Down – Here’s What Happened

Shares of On Holding AG (NYSE:ONON) gapped down prior to trading on Thursday . The stock had previously closed at $44.92, but opened at $37.50. ON shares last traded at $38.71, with a volume of 5,225,822 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ONON shares. Barclays increased their price objective on ON from $63.00 to $64.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. TD Cowen lifted their target price on shares of ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. UBS Group lifted their price objective on ON from $65.00 to $73.00 and gave the company a “buy” rating in a research report on Wednesday, March 5th. Citigroup began coverage on ON in a research note on Wednesday, December 18th. They set a “neutral” rating and a $65.00 price target for the company. Finally, The Goldman Sachs Group downgraded ON from a “buy” rating to a “neutral” rating and set a $57.00 price objective on the stock. in a report on Wednesday, February 12th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ON has a consensus rating of “Moderate Buy” and a consensus price target of $60.45.

ON Trading Down 13.8 %

The stock has a market cap of $24.38 billion, a price-to-earnings ratio of 90.05, a PEG ratio of 1.02 and a beta of 2.35. The firm has a fifty day simple moving average of $51.23 and a 200 day simple moving average of $52.58.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC increased its stake in ON by 1.6% in the fourth quarter. FMR LLC now owns 28,875,965 shares of the company’s stock valued at $1,581,537,000 after acquiring an additional 462,738 shares during the period. Alliancebernstein L.P. boosted its holdings in ON by 2.8% during the fourth quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company’s stock valued at $951,808,000 after purchasing an additional 471,805 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of ON by 0.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company’s stock valued at $184,109,000 after purchasing an additional 18,752 shares during the period. Norges Bank acquired a new position in shares of ON in the 4th quarter worth approximately $164,574,000. Finally, Jennison Associates LLC lifted its position in shares of ON by 27.4% during the 4th quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock worth $112,259,000 after buying an additional 440,685 shares during the period. 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.