Night Squared LP Invests $6.67 Million in On Holding AG $ONON

Night Squared LP bought a new stake in shares of On Holding AG (NYSE:ONON) in the third quarter, Holdings Channel reports. The fund bought 157,502 shares of the company’s stock, valued at approximately $6,670,000. ON accounts for 2.4% of Night Squared LP’s holdings, making the stock its 15th largest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of ON in the 2nd quarter valued at about $138,641,000. Great Point Wealth Advisors LLC acquired a new stake in ON during the third quarter worth about $1,607,000. Geode Capital Management LLC acquired a new stake in ON during the second quarter worth about $70,152,000. Lecap Asset Management Ltd. purchased a new position in ON during the third quarter valued at approximately $1,473,000. Finally, Winslow Capital Management LLC purchased a new position in ON during the second quarter valued at approximately $248,113,000. 36.39% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ONON shares. Piper Sandler restated an “overweight” rating on shares of ON in a research report on Friday, December 5th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of ON in a report on Thursday, January 22nd. BTIG Research reiterated a “buy” rating and issued a $70.00 target price on shares of ON in a research note on Tuesday, March 3rd. UBS Group reissued a “buy” rating on shares of ON in a report on Thursday, February 19th. Finally, Truist Financial dropped their price target on shares of ON from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $59.48.

ON Stock Up 0.0%

Shares of ONON opened at $37.97 on Friday. The company has a current ratio of 2.71, a quick ratio of 2.13 and a debt-to-equity ratio of 0.27. On Holding AG has a 12 month low of $34.38 and a 12 month high of $61.29. The stock’s 50 day moving average is $45.33 and its two-hundred day moving average is $44.18. The firm has a market cap of $23.84 billion, a P/E ratio of 52.74, a PEG ratio of 0.74 and a beta of 2.14.

About ON

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.