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

Shares of On Holding AG (NYSE:ONON) gapped down before the market opened on Friday . The stock had previously closed at $46.00, but opened at $44.84. ON shares last traded at $43.61, with a volume of 774,507 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ONON. Williams Trading increased their price target on shares of ON from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Bank of America assumed coverage on shares of ON in a report on Tuesday, January 7th. They set a “buy” rating and a $73.00 target price for the company. UBS Group upped their price target on ON from $65.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Barclays boosted their target price on ON from $63.00 to $64.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. Finally, HSBC upgraded ON from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Tuesday, March 11th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $61.90.

ON Trading Down 4.1 %

The stock has a 50 day simple moving average of $52.13 and a 200-day simple moving average of $52.67. The firm has a market capitalization of $27.76 billion, a P/E ratio of 102.55, a P/E/G ratio of 1.02 and a beta of 2.35.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Private Trust Co. NA purchased a new stake in shares of ON in the 3rd quarter worth $26,000. Park Square Financial Group LLC bought a new stake in ON during the fourth quarter valued at about $32,000. Legacy Bridge LLC purchased a new stake in ON in the fourth quarter worth about $43,000. Bernard Wealth Management Corp. bought a new position in shares of ON in the fourth quarter worth about $44,000. Finally, Arcadia Investment Management Corp MI purchased a new position in shares of ON during the 4th quarter valued at about $53,000. 36.39% of the stock is currently owned by institutional investors.

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.