On Holding AG (NYSE:ONON) Sees Significant Drop in Short Interest

On Holding AG (NYSE:ONON) was the target of a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 14,264,759 shares, a decrease of 14.5% from the February 12th total of 16,692,374 shares. Approximately 2.3% of the shares of the stock are sold short. Based on an average trading volume of 4,054,938 shares, the days-to-cover ratio is presently 3.5 days. Based on an average trading volume of 4,054,938 shares, the days-to-cover ratio is presently 3.5 days. Approximately 2.3% of the shares of the stock are sold short.

Institutional Trading of ON

Several hedge funds and other institutional investors have recently made changes to their positions in ONON. Cullen Frost Bankers Inc. boosted its holdings in ON by 639.7% in the fourth quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock worth $25,000 after acquiring an additional 467 shares in the last quarter. Caitlin John LLC bought a new position in shares of ON during the fourth quarter valued at $25,000. MidAtlantic Capital Management Inc. bought a new position in shares of ON during the fourth quarter valued at $27,000. Caitong International Asset Management Co. Ltd raised its position in shares of ON by 555.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock worth $33,000 after purchasing an additional 594 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in ON by 109.9% in the 4th quarter. TD Private Client Wealth LLC now owns 804 shares of the company’s stock worth $37,000 after purchasing an additional 421 shares in the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ONON shares. Telsey Advisory Group reiterated an “outperform” rating and set a $65.00 price target on shares of ON in a research report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of ON in a research note on Thursday, January 22nd. BTIG Research reiterated a “buy” rating and set a $70.00 target price on shares of ON in a research report on Tuesday, March 3rd. Guggenheim cut their price target on shares of ON from $59.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, March 4th. Finally, KeyCorp reissued an “overweight” rating on shares of ON in a report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $59.48.

ON Trading Up 1.3%

NYSE:ONON traded up $0.51 during trading hours on Tuesday, hitting $39.76. The company had a trading volume of 4,081,907 shares, compared to its average volume of 6,239,429. ON has a 52 week low of $34.38 and a 52 week high of $61.29. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.71 and a quick ratio of 2.13. The stock has a 50-day moving average price of $44.95 and a 200 day moving average price of $44.09. The company has a market capitalization of $25.37 billion, a PE ratio of 55.22, a price-to-earnings-growth ratio of 0.78 and a beta of 2.14.

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.