Investors Buy Large Volume of ON Call Options (NYSE:ONON)

On Holding AG (NYSE:ONON) was the recipient of some unusual options trading on Tuesday. Investors acquired 19,517 call options on the stock. This represents an increase of 59% compared to the average volume of 12,264 call options.

Institutional Investors Weigh In On ON

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. 1832 Asset Management L.P. increased its stake in ON by 66,838.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock worth $93,500,000 after purchasing an additional 2,406,200 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of ON by 100.7% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock worth $49,716,000 after buying an additional 642,894 shares during the period. Fred Alger Management LLC raised its holdings in ON by 22.8% during the 2nd quarter. Fred Alger Management LLC now owns 1,152,941 shares of the company’s stock valued at $44,734,000 after buying an additional 213,815 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in ON during the 2nd quarter valued at $27,975,000. Finally, Cerity Partners LLC grew its holdings in ON by 189.9% in the 3rd quarter. Cerity Partners LLC now owns 719,493 shares of the company’s stock worth $36,083,000 after acquiring an additional 471,323 shares during the last quarter. Institutional investors own 36.39% of the company’s stock.

ON Price Performance

ON stock traded up $1.51 during mid-day trading on Thursday, hitting $56.23. The company’s stock had a trading volume of 1,789,372 shares, compared to its average volume of 2,591,564. The business has a 50 day moving average price of $55.75 and a 200-day moving average price of $48.55. ON has a 12 month low of $26.03 and a 12 month high of $60.12. The stock has a market cap of $35.40 billion, a price-to-earnings ratio of 130.58, a price-to-earnings-growth ratio of 1.16 and a beta of 2.30.

Wall Street Analyst Weigh In

ONON has been the topic of a number of recent analyst reports. Barclays increased their price target on shares of ON from $47.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Piper Sandler raised their price target on shares of ON from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Truist Financial boosted their price target on shares of ON from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Needham & Company LLC reiterated a “buy” rating and issued a $64.00 price objective on shares of ON in a research report on Wednesday. Finally, KeyCorp boosted their target price on ON from $47.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, ON currently has an average rating of “Moderate Buy” and an average price target of $58.50.

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.