ON’s (ONON) “Buy” Rating Reiterated at BTIG Research

BTIG Research reaffirmed their buy rating on shares of ON (NYSE:ONON) in a research note released on Thursday morning,Benzinga reports. They currently have a $70.00 target price on the stock.

A number of other research firms have also recently commented on ONON. Truist Financial reduced their price objective on shares of ON from $69.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, November 10th. Morgan Stanley lifted their target price on shares of ON from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Piper Sandler reiterated an “overweight” rating on shares of ON in a research note on Friday, December 5th. Citigroup cut shares of ON from a “buy” rating to a “mixed” rating in a report on Tuesday, October 28th. Finally, Williams Trading cut ON from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $55.00 to $47.00 in a report on Thursday, January 8th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.86.

ON Stock Performance

ONON opened at $45.19 on Thursday. The company has a quick ratio of 2.05, a current ratio of 2.55 and a debt-to-equity ratio of 0.28. ON has a 12-month low of $34.38 and a 12-month high of $61.70. The business has a 50 day moving average of $46.63 and a 200-day moving average of $44.98. The stock has a market cap of $28.38 billion, a price-to-earnings ratio of 58.69, a PEG ratio of 1.35 and a beta of 2.15.

Hedge Funds Weigh In On ON

A number of hedge funds have recently added to or reduced their stakes in the stock. Bogart Wealth LLC lifted its position in shares of ON by 88.9% during the 4th quarter. Bogart Wealth LLC now owns 850 shares of the company’s stock valued at $40,000 after acquiring an additional 400 shares during the period. FengHe Fund Management Pte. Ltd. acquired a new position in ON in the fourth quarter valued at about $142,425,000. Kestra Private Wealth Services LLC lifted its position in ON by 12.2% during the fourth quarter. Kestra Private Wealth Services LLC now owns 17,285 shares of the company’s stock worth $803,000 after purchasing an additional 1,875 shares during the period. Sanctuary Advisors LLC lifted its position in ON by 3.8% during the fourth quarter. Sanctuary Advisors LLC now owns 32,440 shares of the company’s stock worth $1,508,000 after purchasing an additional 1,173 shares during the period. Finally, Impax Asset Management Group plc grew its stake in ON by 79.8% during the fourth quarter. Impax Asset Management Group plc now owns 92,209 shares of the company’s stock worth $4,286,000 after buying an additional 40,935 shares in the last quarter. Institutional investors own 36.39% of the company’s stock.

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.