On June 2, 2023 at 12:49:39 ET an unusually large $490.00K block of Put contracts in On Holding AG (ONON) was sold, with a strike price of $27.50 / share, expiring in 14 day(s) (on June 16, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.62 sigmas above the mean, placing it in the 95.80th percentile of all recent large trades made in ONON options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 249 funds or institutions reporting positions in On Holding AG. This is an increase of 26 owner(s) or 11.66% in the last quarter. Average portfolio weight of all funds dedicated to ONON is 0.59%, an increase of 16.08%. Total shares owned by institutions increased in the last three months by 0.52% to 112,824K shares. The put/call ratio of ONON is 1.16, indicating a bearish outlook.

Analyst Price Forecast Suggests 30.24% Upside

As of June 1, 2023, the average one-year price target for On Holding AG is 35.39. The forecasts range from a low of 20.00 to a high of $43.98. The average price target represents an increase of 30.24% from its latest reported closing price of 27.17.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for On Holding AG is 1,567MM, an increase of 28.22%. The projected annual non-GAAP EPS is 0.41.

What are Other Shareholders Doing?

Macquarie Group holds 6,232K shares representing 1.96% ownership of the company. In it’s prior filing, the firm reported owning 9,147K shares, representing a decrease of 46.76%. The firm increased its portfolio allocation in ONON by 2.36% over the last quarter.

Jennison Associates holds 5,095K shares representing 1.61% ownership of the company. In it’s prior filing, the firm reported owning 2,872K shares, representing an increase of 43.63%. The firm increased its portfolio allocation in ONON by 55.35% over the last quarter.

Two Sigma Investments holds 3,661K shares representing 1.15% ownership of the company. In it’s prior filing, the firm reported owning 764K shares, representing an increase of 79.13%. The firm increased its portfolio allocation in ONON by 688.90% over the last quarter.

Hillhouse Capital Advisors holds 3,291K shares representing 1.04% ownership of the company. In it’s prior filing, the firm reported owning 5,469K shares, representing a decrease of 66.16%. The firm decreased its portfolio allocation in ONON by 8.59% over the last quarter.

Marshall Wace, Llp holds 3,010K shares representing 0.95% ownership of the company. In it’s prior filing, the firm reported owning 4,705K shares, representing a decrease of 56.32%. The firm decreased its portfolio allocation in ONON by 27.67% over the last quarter.

On Holding Background Information
(This description is provided by the company.)

On was born in the Swiss Alps with one goal: to revolutionize the sensation of running by empowering all to run on clouds. Eleven years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. Fueled by customer-recommendation, On’s award-winning CloudTec® innovation, purposeful design and groundbreaking strides in sportswear’s circular economy have attracted a fast-growing global fanbase — inspiring humans to explore, discover and dream on. On is present in more than 60 countries globally and engages with a digital community on www.on-running.com.

This article originally appeared on Fintel

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