ON (NYSE:ONON) Reaches New 52-Week High Following Analyst Upgrade

Shares of On Holding AG (NYSE:ONON) hit a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock from $62.00 to $65.00. Morgan Stanley currently has an overweight rating on the stock. ON traded as high as $60.60 and last traded at $60.00, with a volume of 2217813 shares. The stock had previously closed at $57.98.

A number of other brokerages have also commented on ONON. UBS Group reiterated a “buy” rating and issued a $63.00 price target on shares of ON in a research note on Friday, December 27th. Truist Financial lifted 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. Piper Sandler lifted their price target on shares of ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. Bank of America began coverage on shares of ON in a research report on Tuesday, January 7th. They set a “buy” rating and a $73.00 target price for the company. Finally, Citigroup began coverage on shares of ON in a research report on Wednesday, December 18th. They set a “neutral” rating and a $65.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.36.

Institutional Investors Weigh In On ON

Several large investors have recently bought and sold shares of the business. Bennett Selby Investments LP increased its position in ON by 7.8% in the fourth quarter. Bennett Selby Investments LP now owns 21,849 shares of the company’s stock worth $1,197,000 after purchasing an additional 1,578 shares during the last quarter. Capricorn Fund Managers Ltd bought a new stake in ON in the fourth quarter worth $3,536,000. Merit Financial Group LLC bought a new stake in ON in the fourth quarter worth $653,000. Park Avenue Securities LLC increased its position in ON by 19.1% in the fourth quarter. Park Avenue Securities LLC now owns 16,006 shares of the company’s stock worth $877,000 after purchasing an additional 2,565 shares during the last quarter. Finally, Tsfg LLC increased its position in ON by 143.6% in the fourth quarter. Tsfg LLC now owns 3,338 shares of the company’s stock worth $183,000 after purchasing an additional 1,968 shares during the last quarter. Institutional investors own 36.39% of the company’s stock.

ON Price Performance

The company has a market cap of $37.78 billion, a P/E ratio of 139.56, a PEG ratio of 1.19 and a beta of 2.30. The firm’s 50-day moving average is $56.11 and its two-hundred day moving average is $49.06.

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.