ON Target of Unusually High Options Trading (NYSE:ONON)

On Holding AG (NYSE:ONON) was the recipient of some unusual options trading on Tuesday. Investors purchased 19,517 call options on the company. This is an increase of 59% compared to the average volume of 12,264 call options.

Hedge Funds Weigh In On ON

Several institutional investors and hedge funds have recently bought and sold shares of ONON. 1832 Asset Management L.P. increased its holdings in shares of ON by 66,838.9% in the second quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock worth $93,500,000 after purchasing an additional 2,406,200 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of ON during the 2nd quarter valued at about $27,975,000. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of ON by 100.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock valued at $49,716,000 after purchasing an additional 642,894 shares during the last quarter. Cerity Partners LLC boosted its stake in ON by 189.9% during the third quarter. Cerity Partners LLC now owns 719,493 shares of the company’s stock worth $36,083,000 after buying an additional 471,323 shares during the period. Finally, Lord Abbett & CO. LLC boosted its stake in shares of ON by 338.3% during the 3rd quarter. Lord Abbett & CO. LLC now owns 594,901 shares of the company’s stock worth $29,834,000 after purchasing an additional 459,157 shares during the period. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Telsey Advisory Group reissued an “outperform” rating and issued a $53.00 target price on shares of ON in a research note on Tuesday, November 12th. Citigroup began coverage on ON in a research note on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 price target for the company. Piper Sandler boosted their price objective on shares of ON from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. Bank of America started coverage on shares of ON in a research report on Tuesday, January 7th. They issued a “buy” rating and a $73.00 target price for the company. Finally, Truist Financial boosted their price target on shares of ON from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.86.

ON Trading Down 1.6 %

ONON stock traded down $0.87 during midday trading on Tuesday, reaching $54.51. 2,465,743 shares of the company’s stock traded hands, compared to its average volume of 2,737,925. The stock’s 50-day moving average is $55.48 and its 200 day moving average is $48.39. The stock has a market cap of $34.32 billion, a P/E ratio of 126.77 and a beta of 2.30. ON has a 52-week low of $26.03 and a 52-week high of $60.12.

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.