ON (NYSE:ONON) Sets New 1-Year High – Should You Buy?

On Holding AG (NYSE:ONON) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $62.37 and last traded at $62.52, with a volume of 1690873 shares trading hands. The stock had previously closed at $59.90.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ONON. BTIG Research upgraded ON from a “neutral” rating to a “buy” rating and set a $64.00 target price for the company in a report on Wednesday, November 13th. Raymond James raised shares of ON from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from $58.00 to $63.00 in a research report on Thursday, November 21st. Morgan Stanley raised their target price on shares of ON from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Truist Financial increased their price target on shares of ON from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, KeyCorp raised their price objective on shares of ON from $60.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.73.

ON Price Performance

The firm’s 50 day moving average price is $57.21 and its 200-day moving average price is $50.12. The stock has a market cap of $39.95 billion, a P/E ratio of 147.48, a P/E/G ratio of 1.19 and a beta of 2.30.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. RB Capital Management LLC raised its position 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. Y Intercept Hong Kong Ltd lifted its position in ON by 584.8% during the third 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 during the period. Forte Capital LLC ADV purchased a new stake in ON in the third quarter worth approximately $742,000. Coronation Fund Managers Ltd. grew its position in ON by 248.6% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 154,903 shares of the company’s stock worth $6,010,000 after purchasing an additional 110,467 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new stake in ON in the 3rd quarter worth approximately $658,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON Company Profile

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.