ON (NYSE:ONON) Shares Gap Down – Here’s What Happened

On Holding AG (NYSE:ONON)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $46.76, but opened at $41.04. ON shares last traded at $41.0140, with a volume of 4,273,770 shares traded.

ON News Summary

Here are the key news stories impacting ON this week:

• Positive Sentiment: Q4 results beat across the board — EPS topped estimates and revenue came in well above consensus; full-year sales topped CHF 3.0 billion and margins hit record levels, supporting longer-term growth thesis. Earnings / Transcript
• Positive Sentiment: Several sell-side analysts remain constructive: Telsey reaffirmed an outperform rating with a $65 PT, and the consensus of analyst targets still implies meaningful upside — evidence that long-term estimates and demand assumptions remain favorable. Telsey / Analyst Notes
• Neutral Sentiment: Earnings-call transcripts and detailed commentary are available for investors wanting management’s guideposts on category expansion and margin drivers — useful for assessing whether FY26 guidance is conservative or structural. Earnings Call Transcript
• Neutral Sentiment: Aggregate analyst price-target coverage still implies ~20–30% upside on average, which keeps buy-side narratives alive despite short-term volatility. Zacks Analyst Consensus
• Negative Sentiment: Management’s FY26 revenue guidance was below many analysts’ expectations, triggering an immediate downshift in sentiment and a sharp intraday reaction as investors re-priced forward growth. CNBC: Guidance Reaction
• Negative Sentiment: Some brokerages trimmed price targets (Barclays lowered its PT from $60 to $57; Guggenheim cut from $59 to $51) — lowering near-term upside expectations even though ratings largely stayed constructive. Benzinga: PT Changes
• Negative Sentiment: Media coverage highlighted that guidance “spooked” investors and led to a material pullback in sentiment; that narrative is amplifying short-term selling pressure. Seeking Alpha: Investor Reaction

Analyst Upgrades and Downgrades

ONON has been the subject of several analyst reports. Barclays lowered their price target on shares of ON from $60.00 to $57.00 and set an “overweight” rating for the company in a research report on Wednesday. Piper Sandler reiterated an “overweight” rating on shares of ON in a research report on Friday, December 5th. Morgan Stanley raised their price target on ON from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 13th. Stifel Nicolaus set a $58.00 price objective on ON in a research note on Tuesday. Finally, Bank of America increased their target price on ON from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $59.41.

ON Stock Performance

The firm has a market cap of $27.18 billion, a P/E ratio of 60.11, a PEG ratio of 1.31 and a beta of 2.14. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.05 and a current ratio of 2.55. The stock’s 50-day moving average is $46.24 and its 200 day moving average is $44.42.

ON (NYSE:ONON) last posted its earnings results on Tuesday, March 3rd. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. The firm had revenue of $937.29 million during the quarter, compared to analysts’ expectations of $727.55 million. ON had a return on equity of 13.68% and a net margin of 6.59%.The company’s revenue was up 22.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 earnings per share. On average, research analysts predict that On Holding AG will post 0.66 earnings per share for the current year.

Institutional Investors Weigh In On ON

Several large investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of ON in the second quarter valued at about $138,641,000. Great Point Wealth Advisors LLC acquired a new stake in ON in the 3rd quarter valued at approximately $1,607,000. Geode Capital Management LLC acquired a new stake in ON in the 2nd quarter valued at approximately $70,152,000. Lecap Asset Management Ltd. bought a new stake in ON in the 3rd quarter valued at approximately $1,473,000. Finally, Winslow Capital Management LLC acquired a new position in ON during the 2nd quarter worth approximately $248,113,000. Institutional investors own 36.39% of the company’s stock.

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.