On Holding AG (ONON) is down 4.8% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is continued fallout from On Holding’s recent second-quarter report, which missed revenue expectations and came with a lower full-year constant-currency sales growth outlook. Investors also appear to be reacting to lingering concern about softer North America wholesale trends, which has kept pressure on sentiment even after the initial post-earnings selloff.

Details:

  • On Holding recently posted second-quarter net sales of CHF 850.3 million, below Wall Street expectations, even though revenue still grew year over year.
  • The company trimmed its 2026 constant-currency net sales growth outlook to the low-20% range, down from its earlier target of at least 23%, which signaled slower momentum than investors had expected.
  • Management highlighted weakness in wholesale growth, especially in the Americas, while direct-to-consumer performance remained much stronger.
  • Several analysts cut price targets after the report, and at least one firm downgraded the stock, reinforcing worries that near-term growth visibility has become less clear.

    • Sources:

    On Holding Investor Relations, Yahoo Finance, Investing.com

    Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

    $ONON Insider Trading Activity

    ONON Insider Trades

    $ONON insiders have traded $ONON stock on the open market 15 times in the past 6 months. Of those trades, 8 have been purchases and 7 have been sales.

    Here’s a breakdown of recent trading of $ONON stock by insiders over the last 6 months:

    • CASPAR FELIX COPPETTI (Executive Officer & Co-CEO) has made 3 purchases buying 125,000 shares for an estimated $4,191,892 and 0 sales.
    • OLIVIER BERNHARD (Executive Officer) has made 3 purchases buying 125,000 shares for an estimated $4,191,889 and 0 sales.
    • DAVID MICHAEL ALLEMANN (Executive Officer & Co-CEO) has made 2 purchases buying 60,000 shares for an estimated $2,198,098 and 0 sales.
    • MARTIN HOFFMANN (CEO) has made 0 purchases and 6 sales selling 24,900 shares for an estimated $879,975.
    • SCOTT ANDREW MAGUIRE (COO) sold 1,534 shares for an estimated $55,353
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    To track insider transactions, check out Quiver Quantitative’s insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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    $ONON Hedge Fund Activity

    We have seen 243 institutional investors add shares of $ONON stock to their portfolio, and 332 decrease their positions in their most recent quarter.

    Here are some of the largest recent moves:

    • LONE PINE CAPITAL LLC added 13,280,030 shares (+inf%) to their portfolio in Q2 2026, for an estimated $470,378,662
    • FMR LLC removed 8,040,302 shares (-33.4%) from their portfolio in Q2 2026, for an estimated $284,787,496
    • BAMCO INC /NY/ added 7,215,165 shares (+74.3%) to their portfolio in Q2 2026, for an estimated $255,561,144
    • ALLIANCEBERNSTEIN L.P. removed 5,622,099 shares (-98.7%) from their portfolio in Q2 2026, for an estimated $199,134,746
    • ILEX CAPITAL PARTNERS (UK) LLP removed 3,557,699 shares (-54.0%) from their portfolio in Q2 2026, for an estimated $126,013,698
    • CITADEL ADVISORS LLC added 3,253,000 shares (+84.6%) to their portfolio in Q2 2026, for an estimated $115,221,260
    • SELECT EQUITY GROUP, L.P. removed 2,466,227 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $87,353,760

    To track hedge funds’ stock portfolios, check out Quiver Quantitative’s institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

    $ONON Price Targets

    Multiple analysts have issued price targets for $ONON recently. We have seen 8 analysts offer price targets for $ONON in the last 6 months, with a median target of $49.5.

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    Here are some recent targets:

    • Wendy Liu from JP Morgan set a target price of $51.0 on 07/02/2026
    • Simeon Siegel from Guggenheim set a target price of $51.0 on 05/13/2026
    • Ashley Owens from Keybanc set a target price of $43.0 on 05/13/2026
    • Joseph Civello from Truist Securities set a target price of $48.0 on 05/13/2026
    • Adrienne Yih from Barclays set a target price of $46.0 on 05/13/2026
    • Tom Nikic from Needham set a target price of $45.0 on 05/12/2026
    • Cristina Fernandez from Telsey Advisory Group set a target price of $60.0 on 03/25/2026

    This article is not financial advice. See Quiver Quantitative’s disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.


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