Armistice Capital LLC Has $497,000 Stake in On Holding AG (NYSE:ONON)

Armistice Capital LLC trimmed its holdings in shares of On Holding AG (NYSE:ONON) by 92.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,811 shares of the company’s stock after selling 146,898 shares during the period. Armistice Capital LLC’s holdings in ON were worth $497,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Ameritas Advisory Services LLC grew its stake in shares of ON by 1.3% during the second quarter. Ameritas Advisory Services LLC now owns 23,806 shares of the company’s stock worth $924,000 after purchasing an additional 300 shares during the period. Artemis Investment Management LLP grew its position in shares of ON by 1.9% during the 2nd quarter. Artemis Investment Management LLP now owns 16,410 shares of the company’s stock worth $637,000 after buying an additional 302 shares during the period. Crossmark Global Holdings Inc. increased its stake in shares of ON by 3.2% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 10,423 shares of the company’s stock valued at $404,000 after acquiring an additional 325 shares during the last quarter. Asset Dedication LLC raised its position in shares of ON by 25.8% in the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock valued at $62,000 after acquiring an additional 327 shares during the period. Finally, King Luther Capital Management Corp boosted its stake in ON by 0.7% during the 2nd quarter. King Luther Capital Management Corp now owns 56,021 shares of the company’s stock worth $2,174,000 after acquiring an additional 405 shares during the last quarter. 33.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on ONON. Bank of America upgraded shares of ON from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $21.00 to $55.00 in a report on Monday. Piper Sandler reaffirmed an “overweight” rating and set a $52.00 price objective on shares of ON in a research note on Friday, August 23rd. Telsey Advisory Group reissued an “outperform” rating and issued a $47.00 target price on shares of ON in a research note on Tuesday, August 13th. JPMorgan Chase & Co. raised their price target on ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Finally, HSBC initiated coverage on ON in a report on Thursday, September 5th. They set a “hold” rating and a $52.00 price objective on the stock. Five analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ON has a consensus rating of “Moderate Buy” and an average price target of $47.95.

ON Stock Performance

ONON opened at $51.55 on Friday. The business’s 50-day simple moving average is $43.98 and its 200 day simple moving average is $39.04. The firm has a market capitalization of $32.46 billion, a PE ratio of 117.16, a PEG ratio of 1.40 and a beta of 2.24. On Holding AG has a 52-week low of $23.41 and a 52-week high of $52.16.

ON (NYSE:ONON) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.04). The company had revenue of $627.66 million during the quarter, compared to analyst estimates of $634.43 million. ON had a net margin of 7.42% and a return on equity of 13.02%. On average, research analysts forecast that On Holding AG will post 0.82 earnings per share for the current year.

ON Profile

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.