ON (NYSE:ONON) Shares Gap Down on Insider Selling

On Holding AG (NYSE:ONON)’s stock price gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $39.59, but opened at $36.97. ON shares last traded at $35.9540, with a volume of 5,939,816 shares trading hands.

Specifically, CEO Martin Hoffmann sold 4,150 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $39.79, for a total transaction of $165,128.50. Following the sale, the chief executive officer owned 1,357,020 shares of the company’s stock, valued at $53,995,825.80. The trade was a 0.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Evercore set a $58.00 price objective on ON and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Telsey Advisory Group decreased their target price on ON from $65.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $52.00 target price on shares of ON in a report on Thursday, February 26th. BTIG Research restated a “buy” rating and issued a $70.00 price target on shares of ON in a research report on Tuesday, March 3rd. Finally, Zacks Research downgraded ON from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $59.24.

Key ON News

Here are the key news stories impacting ON this week:

• Positive Sentiment: Co‑founders David Allemann and Caspar Coppetti named co‑CEOs, which may preserve strategy and brand continuity and reduce disruption risk from the leadership change. BusinessWire announcement
• Positive Sentiment: Some sell‑side support remains: Telsey trimmed its target but kept an Outperform rating, signaling analysts still see medium‑term upside despite near‑term noise. Benzinga
• Neutral Sentiment: Investors are reassessing valuation after the co‑CEO move and a new CFO announcement; several pieces note this is a valuation/strategy reset rather than a fundamental collapse. Yahoo Finance valuation check
• Neutral Sentiment: ON is a trending, closely watched name with elevated volume and institutional interest — that attention amplifies intraday swings in either direction. Zacks trending note
• Negative Sentiment: Longtime CEO Martin Hoffmann stepped down (to an advisor role), a change that spooked investors concerned about near‑term execution amid slowing growth. CNBC
• Negative Sentiment: Johnson Fistel has opened an investigation into potential securities claims against On and its executives, introducing legal risk and added headline volatility. GlobeNewsWire
• Negative Sentiment: Bearish flows and insider timing: unusual put buying was reported and CEO Martin Hoffmann sold ~4,150 shares last week — both factors have likely amplified negative sentiment and intraday selling pressure. InsiderTrades / SEC filing

ON Trading Down 8.7%

The business has a 50 day moving average of $43.48 and a 200-day moving average of $43.73. The stock has a market cap of $20.49 billion, a PE ratio of 44.59, a price-to-earnings-growth ratio of 0.70 and a beta of 2.14. The company has a current ratio of 2.71, a quick ratio of 2.13 and a debt-to-equity ratio of 0.27.

Hedge Funds Weigh In On ON

Institutional investors have recently made changes to their positions in the stock. Caitlin John LLC purchased a new stake in ON during the 4th quarter worth about $25,000. Cullen Frost Bankers Inc. lifted its holdings in ON by 639.7% in the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after purchasing an additional 467 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in ON in the 4th quarter valued at about $27,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of ON by 555.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock worth $33,000 after purchasing an additional 594 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its stake in shares of ON by 109.9% during the 4th quarter. TD Private Client Wealth LLC now owns 804 shares of the company’s stock worth $37,000 after purchasing an additional 421 shares during the last quarter. 36.39% of the stock is owned by institutional investors and hedge funds.

ON Company Profile

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.