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

On Holding AG (NYSE:ONON)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $52.71, but opened at $53.95. ON shares last traded at $50.94, with a volume of 1,990,641 shares changing hands.

Analyst Upgrades and Downgrades

ONON has been the topic of a number of recent research reports. Williams Trading raised ON from a “hold” rating to a “buy” rating and lifted their target price for the company from $40.00 to $60.00 in a research report on Wednesday. HSBC began coverage on shares of ON in a report on Thursday, September 5th. They set a “hold” rating and a $52.00 target price for the company. UBS Group raised their price objective on ON from $61.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday. Evercore ISI upgraded ON to an “overweight” rating and upped their target price for the stock from $43.00 to $47.00 in a report on Monday, August 12th. Finally, Hsbc Global Res upgraded ON to a “hold” rating in a research note on Thursday, September 5th. Four equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, ON currently has an average rating of “Moderate Buy” and an average target price of $54.33.

ON Trading Up 0.2 %

The firm has a 50-day moving average of $49.24 and a two-hundred day moving average of $42.97. The firm has a market capitalization of $33.19 billion, a P/E ratio of 122.58 and a beta of 2.25.

ON (NYSE:ONON) last issued its earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The company had revenue of $627.66 million during the quarter, compared to analyst estimates of $634.43 million. ON had a net margin of 5.87% and a return on equity of 11.02%. On average, sell-side analysts anticipate that On Holding AG will post 0.75 EPS for the current fiscal year.

Institutional Investors Weigh In On ON

Hedge funds have recently modified their holdings of the company. Private Trust Co. NA bought a new position in ON in the third quarter valued at about $26,000. Blue Trust Inc. raised its stake in ON by 319.8% during the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock worth $27,000 after buying an additional 403 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in ON by 210.5% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock valued at $28,000 after buying an additional 400 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in ON during the third quarter valued at $29,000. Finally, Quarry LP bought a new stake in ON during the second quarter valued at $32,000. Institutional investors and hedge funds own 33.11% of the company’s stock.

ON Company Profile

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.