On Holding AG (NYSE:ONON) Sees Large Decline in Short Interest

On Holding AG (NYSE:ONON) was the recipient of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 12,640,000 shares, a decline of 13.7% from the February 28th total of 14,640,000 shares. Approximately 5.8% of the company’s shares are short sold. Based on an average daily volume of 4,030,000 shares, the short-interest ratio is currently 3.1 days.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Hsbc Global Res raised ON from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 11th. HSBC upgraded ON from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Tuesday, March 11th. The Goldman Sachs Group downgraded shares of ON from a “buy” rating to a “neutral” rating and set a $57.00 target price on the stock. in a research report on Wednesday, February 12th. Morgan Stanley boosted their price target on shares of ON from $62.00 to $66.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Finally, Barclays increased their price objective on shares of ON from $63.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Three investment 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $60.45.

Institutional Trading of ON

Several hedge funds and other institutional investors have recently modified their holdings of the company. Park Square Financial Group LLC bought a new stake in shares of ON in the fourth quarter worth $32,000. MassMutual Private Wealth & Trust FSB bought a new stake in ON during the 1st quarter worth about $32,000. Legacy Bridge LLC acquired a new position in shares of ON during the 4th quarter worth about $43,000. Bernard Wealth Management Corp. bought a new position in shares of ON in the 4th quarter valued at about $44,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of ON in the fourth quarter valued at about $53,000. Institutional investors and hedge funds own 36.39% of the company’s stock.

ON Trading Up 4.1 %

Shares of ONON stock traded up $1.77 during trading hours on Wednesday, hitting $44.47. 1,435,232 shares of the company were exchanged, compared to its average volume of 4,377,564. The company has a market capitalization of $28.00 billion, a PE ratio of 103.41, a PEG ratio of 1.02 and a beta of 2.35. ON has a 52 week low of $29.84 and a 52 week high of $64.05. The business has a 50 day moving average of $51.85 and a two-hundred day moving average of $52.68.

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.