On Holding Slides After Q2 Sales Missed Expectations Despite Strong Margins

On Holding AG (ONON) is down 18.7% today. Here is some analysis on what might have caused this price movement.

Analysis: The selloff appears tied to a mismatch between strong profitability and softer-than-hoped-for top-line delivery. On posted solid constant-currency growth and raised its gross margin outlook, but reported revenue and adjusted EBITDA seem to have come in a bit below market expectations, while management also emphasized deliberately slower wholesale sell-in to protect pricing and brand positioning.

Details:

Second-quarter net sales rose 13.5% year over year to CHF 850.3 million, or 21.6% on a constant-currency basis, showing continued demand but also a sizable foreign-exchange drag.

Direct-to-consumer sales jumped 26.0% and reached 45.7% of net sales, while wholesale growth was much slower at 4.8%, reflecting a more selective distribution strategy.

Gross margin improved to 65.4% and adjusted EBITDA margin reached 19.8%, and the company lifted its full-year gross margin expectation to at least 65.0%.

This could be because investors were looking for a bigger revenue beat and stronger near-term sales acceleration, especially after management said it is managing wholesale sell-in carefully in a promotional market.

Sources:

On Investor Relations, Investing.com, Benzinga

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 13 times in the past 6 months. Of those trades, 6 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 2 purchases buying 60,000 shares for an estimated $2,198,102 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.
OLIVIER BERNHARD (Executive Officer) 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

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.

$ONON Hedge Fund Activity

We have seen 218 institutional investors add shares of $ONON stock to their portfolio, and 294 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

ILEX CAPITAL PARTNERS (UK) LLP added 6,586,000 shares (+inf%) to their portfolio in Q1 2026, for an estimated $224,055,720
FMR LLC removed 5,600,699 shares (-18.9%) from their portfolio in Q1 2026, for an estimated $190,535,779
ALLIANCEBERNSTEIN L.P. removed 5,388,811 shares (-48.6%) from their portfolio in Q1 2026, for an estimated $183,327,350
JANE STREET GROUP, LLC added 4,422,220 shares (+548.3%) to their portfolio in Q1 2026, for an estimated $150,443,924
BAMCO INC /NY/ added 4,309,119 shares (+79.7%) to their portfolio in Q1 2026, for an estimated $146,596,228
UBS GROUP AG added 3,684,783 shares (+100.4%) to their portfolio in Q1 2026, for an estimated $125,356,317
FENGHE FUND MANAGEMENT PTE. LTD. removed 1,699,520 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $60,196,998

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 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. You can access data on congressional stock trades through the Quiver Quantitative API Congress trades 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.

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.