ON (NYSE:ONON) Shares Gap Down – Time to Sell?

On Holding AG (NYSE:ONON) shares 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.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ONON. Morgan Stanley raised their price objective on shares of ON from $62.00 to $66.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. Bank of America began coverage on shares of ON in a report on Tuesday, January 7th. They issued a “buy” rating and a $73.00 price target for the company. The Goldman Sachs Group downgraded ON from a “buy” rating to a “neutral” rating and set a $57.00 price objective on the stock. in a research report on Wednesday, February 12th. Williams Trading boosted their target price on ON from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Finally, Hsbc Global Res raised ON from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $61.90.

ON Stock Down 4.1 %

The firm’s fifty day moving average price is $52.13 and its 200-day moving average price is $52.67. The stock has a market cap of $27.76 billion, a P/E ratio of 102.55, a PEG ratio of 1.02 and a beta of 2.35.

Hedge Funds Weigh In On ON

A number of hedge funds have recently modified their holdings of ONON. Private Trust Co. NA bought a new position in shares of ON during the third quarter valued at approximately $26,000. Strategic Financial Concepts LLC purchased a new stake in shares of ON in the 4th quarter worth about $30,000. Park Square Financial Group LLC bought a new stake in shares of ON during the 4th quarter valued at about $32,000. Legacy Bridge LLC purchased a new position in shares of ON during the fourth quarter valued at about $43,000. Finally, Bernard Wealth Management Corp. bought a new position in ON in the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

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.