On Holding (ONON) slides 7.1% as investors continue to reassess 2026 outlook after earnings

On Holding AG (ONON) is down 7.1% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is continued post-earnings repositioning after On’s 2026 net sales outlook implied a slower reported growth path than many investors expected, despite strong 2025 momentum and record margins. This could also be amplified by recent analyst caution around demand/wholesale trends and product segmentation, which can weigh on sentiment during weak tape days for consumer discretionary.

Details:

On’s latest full-year outlook called for at least 23% net sales growth at constant currency in 2026, with the reported-sales figure implied by spot rates viewed as conservative versus prior market expectations.

The company delivered strong Q4 performance and highlighted expanding profitability, including a Q4 gross margin in the mid-60% range and 2026 gross margin guidance of at least 63%.

Recent commentary around FX headwinds and cost pressures has kept the market focused on the gap between operational growth (constant currency) and reported results.

Separately, a recent analyst downgrade flagged concerns tied to product segmentation and potential deceleration in wholesale order growth, which can linger as an overhang.

Sources:

On Holding Investor Relations, The Motley Fool, 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 insiders have traded $ONON stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.

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

MARTIN HOFFMANN (CEO) sold 4,150 shares for an estimated $165,128

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$ONON Hedge Fund Activity

We have seen 279 institutional investors add shares of $ONON stock to their portfolio, and 304 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

MORGAN STANLEY added 6,997,455 shares (+40.9%) to their portfolio in Q4 2025, for an estimated $325,241,708
WINSLOW CAPITAL MANAGEMENT, LLC removed 4,766,825 shares (-100.0%) from their portfolio in Q3 2025, for an estimated $201,875,038
T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 4,194,834 shares (-84.0%) from their portfolio in Q4 2025, for an estimated $194,975,884
FENGHE FUND MANAGEMENT PTE. LTD. added 3,064,211 shares (+inf%) to their portfolio in Q4 2025, for an estimated $142,424,527
UBS GROUP AG removed 2,825,713 shares (-43.5%) from their portfolio in Q4 2025, for an estimated $131,339,140
BOND CAPITAL MANAGEMENT, LP removed 2,814,375 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $130,812,149
ANOMALY CAPITAL MANAGEMENT, LP removed 2,430,032 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $112,947,887

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$ONON Congressional Stock Trading

Members of Congress have traded $ONON stock 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.

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

SENATOR ANGUS S. KING JR. sold up to $15,000 on 02/13.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$ONON Analyst Ratings

Wall Street analysts have issued reports on $ONON in the last several months. We have seen 14 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

BTIG issued a "Buy" rating on 01/29/2026
Telsey Advisory Group issued a "Outperform" rating on 01/28/2026
Guggenheim issued a "Buy" rating on 12/10/2025
Piper Sandler issued a "Overweight" rating on 11/25/2025
Truist Securities issued a "Buy" rating on 11/13/2025
UBS issued a "Buy" rating on 11/13/2025
JP Morgan issued a "Overweight" rating on 11/13/2025

To track analyst ratings and price targets for $ONON, check out Quiver Quantitative's $ONON forecast page.

$ONON Price Targets

Multiple analysts have issued price targets for $ONON recently. We have seen 17 analysts offer price targets for $ONON in the last 6 months, with a median target of $58.0.

Here are some recent targets:

Joseph Civello from Truist Securities set a target price of $55.0 on 03/04/2026
Simeon Siegel from Guggenheim set a target price of $51.0 on 03/04/2026
Adrienne Yih from Barclays set a target price of $57.0 on 03/04/2026
Janine Stichter from BTIG set a target price of $70.0 on 03/04/2026
Cristina Fernandez from Telsey Advisory Group set a target price of $65.0 on 03/04/2026
Tom Nikic from Needham set a target price of $52.0 on 03/03/2026
Ashley Owens from Keybanc set a target price of $58.0 on 01/22/2026

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.