ON (NYSE:ONON) Stock Price Down 5.1% – Time to Sell?

On Holding AG (NYSE:ONON) shares traded down 5.1% during trading on Friday . The stock traded as low as $47.65 and last traded at $46.98. 834,028 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 4,529,434 shares. The stock had previously closed at $49.53.

Analyst Ratings Changes

A number of analysts have recently weighed in on ONON shares. BTIG Research raised shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Wednesday, November 13th. Barclays upped their price target on ON from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday. Stifel Nicolaus lifted their price objective on ON from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Citigroup started coverage on ON in a research report on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 price target for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $64.00 target price on shares of ON in a research note on Tuesday. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $60.36.

ON Price Performance

The firm has a market capitalization of $29.28 billion, a price-to-earnings ratio of 107.87, a price-to-earnings-growth ratio of 1.02 and a beta of 2.35. The business has a fifty day moving average price of $55.07 and a two-hundred day moving average price of $52.48.

Institutional Investors Weigh In On ON

Institutional investors have recently modified their holdings of the business. Apollon Wealth Management LLC boosted its position in ON by 74.0% during the fourth quarter. Apollon Wealth Management LLC now owns 16,005 shares of the company’s stock worth $877,000 after purchasing an additional 6,808 shares in the last quarter. RB Capital Management LLC boosted its holdings in ON by 214.8% in the 3rd quarter. RB Capital Management LLC now owns 22,426 shares of the company’s stock worth $1,125,000 after buying an additional 15,303 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in ON by 34.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company’s stock worth $76,213,000 after buying an additional 349,789 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of ON in the fourth quarter valued at approximately $30,000. Finally, Y Intercept Hong Kong Ltd lifted its holdings in ON by 584.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company’s stock valued at $4,195,000 after purchasing an additional 71,436 shares in the last quarter. 36.39% of the stock is currently owned by institutional investors and hedge funds.

About ON

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.