ON (NYSE:ONON) Shares Down 2.9% – What’s Next?

On Holding AG (NYSE:ONON) traded down 2.9% during mid-day trading on Wednesday . The stock traded as low as $46.40 and last traded at $46.4850. 1,994,106 shares were traded during mid-day trading, a decline of 66% from the average session volume of 5,787,195 shares. The stock had previously closed at $47.89.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Singular Research upgraded shares of ON to a “strong-buy” rating in a report on Monday, November 17th. Raymond James Financial dropped their target price on shares of ON from $66.00 to $55.00 and set an “outperform” rating for the company in a research report on Tuesday, October 21st. BTIG Research restated a “buy” rating and issued a $70.00 price target on shares of ON in a research report on Tuesday, November 4th. Bank of America lifted their price objective on ON from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Finally, Evercore ISI dropped their price objective on ON from $68.00 to $50.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Four equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, ON has a consensus rating of “Moderate Buy” and a consensus target price of $61.27.

ON Stock Down 2.9%

The company has a current ratio of 2.55, a quick ratio of 2.05 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $29.19 billion, a P/E ratio of 60.37, a PEG ratio of 2.85 and a beta of 2.16. The firm’s 50 day moving average price is $42.86 and its two-hundred day moving average price is $46.23.

Institutional Investors Weigh In On ON

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Washington Trust Advisors Inc. acquired a new stake in shares of ON in the second quarter valued at about $29,000. Smartleaf Asset Management LLC boosted its position in ON by 3,392.6% during the first quarter. Smartleaf Asset Management LLC now owns 943 shares of the company’s stock valued at $42,000 after purchasing an additional 916 shares during the last quarter. United Financial Planning Group LLC bought a new position in ON in the third quarter valued at approximately $42,000. Horizon Investments LLC bought a new position in ON in the third quarter valued at approximately $44,000. Finally, GAMMA Investing LLC increased its position in shares of ON by 5,888.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,078 shares of the company’s stock worth $46,000 after purchasing an additional 1,060 shares during the last quarter. 36.39% of the stock is owned by institutional investors.

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.