Traders Buy High Volume of Put Options on ON (NYSE:ONON)

On Holding AG (NYSE:ONON) saw unusually large options trading on Monday. Stock investors purchased 19,317 put options on the company. This represents an increase of approximately 67% compared to the average volume of 11,548 put options.

ON Stock Down 2.8 %

Shares of ON stock opened at $42.69 on Wednesday. The firm has a market cap of $26.88 billion, a PE ratio of 99.28, a price-to-earnings-growth ratio of 1.02 and a beta of 2.35. The company’s fifty day simple moving average is $51.85 and its two-hundred day simple moving average is $52.68. ON has a 12-month low of $29.84 and a 12-month high of $64.05.

Analyst Ratings Changes

ONON has been the subject of several recent analyst reports. UBS Group boosted their target price on ON from $65.00 to $73.00 and gave the stock a “buy” rating in a research report on Wednesday, March 5th. HSBC raised ON from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Tuesday, March 11th. Citigroup initiated coverage on shares of ON in a research note on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 target price on the stock. Williams Trading boosted their price target on shares of ON from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus raised their price objective on shares of ON from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, ON presently has an average rating of “Moderate Buy” and an average target price of $60.45.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Private Trust Co. NA purchased a new stake in ON in the 3rd quarter worth approximately $26,000. Strategic Financial Concepts LLC purchased a new stake in ON in the fourth quarter worth $30,000. Park Square Financial Group LLC bought a new stake in ON in the fourth quarter valued at $32,000. MassMutual Private Wealth & Trust FSB bought a new stake in ON in the first quarter valued at $32,000. Finally, Legacy Bridge LLC purchased a new position in ON during the 4th quarter valued at $43,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

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.