On Holding AG (NYSE:ONON) Short Interest Up 23.8% in May

Posted by on Jun 1st, 2022

On Holding AG (NYSE:ONON – Get Rating) saw a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 17,340,000 shares, an increase of 23.8% from the April 30th total of 14,010,000 shares. Based on an average daily volume of 3,120,000 shares, the short-interest ratio is presently 5.6 days. Approximately 10.3% of the shares of the company are short sold.

ONON stock traded up $0.75 during mid-day trading on Wednesday, reaching $21.40. The company had a trading volume of 29,099 shares, compared to its average volume of 3,903,692. ON has a 52 week low of $16.38 and a 52 week high of $55.87. The stock has a 50 day simple moving average of $23.34 and a two-hundred day simple moving average of $28.76.

ON (NYSE:ONON – Get Rating) last posted its earnings results on Tuesday, May 17th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.18. The business had revenue of $235.70 million for the quarter, compared to analyst estimates of $170.83 million. ON’s revenue was up 67.9% on a year-over-year basis. On average, equities research analysts anticipate that ON will post 0.03 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the stock. HighTower Advisors LLC acquired a new position in ON in the 4th quarter valued at $838,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in ON by 714.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,993 shares of the company’s stock worth $869,000 after purchasing an additional 20,170 shares during the period. Asset Management One Co. Ltd. acquired a new stake in ON during the fourth quarter worth about $120,000. Jennison Associates LLC grew its stake in ON by 14.4% during the fourth quarter. Jennison Associates LLC now owns 576,372 shares of the company’s stock worth $21,793,000 after buying an additional 72,514 shares in the last quarter. Finally, Magnolia Capital Advisors LLC bought a new position in ON in the 4th quarter valued at about $213,000. Institutional investors and hedge funds own 18.45% of the company’s stock.

ONON has been the topic of a number of research analyst reports. Robert W. Baird lowered their target price on ON from $46.00 to $35.00 and set an “outperform” rating on the stock in a report on Wednesday, May 18th. Zacks Investment Research upgraded shares of ON from a “sell” rating to a “hold” rating in a report on Saturday, May 21st. Morgan Stanley reduced their target price on shares of ON from $41.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, March 21st. Wedbush restated a “neutral” rating on shares of ON in a research report on Thursday, April 28th. Finally, Telsey Advisory Group decreased their price target on shares of ON from $53.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $34.33.

ON Company Profile (Get Rating)

On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.

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