On Holding Slides as Investors Reassess Growth, Margins, and Execution Risk

On Holding AG (ONON) is down 6.9% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears tied less to a fresh company announcement and more to ongoing investor concerns around margin pressure, wholesale growth moderation, and leadership transition risk. This could be because ONON remains a premium-valued growth stock, so any doubts around 2026 execution can trigger an outsized pullback.

Details:

On’s latest quarterly update showed strong sales growth and a higher profitability outlook, but management also highlighted an uncertain macro backdrop rather than a fully clear runway.

The company disclosed that tariffs and trade-policy changes can materially affect results, and recent analyst commentary has focused on those cost pressures weighing on the growth story.

Analyst caution earlier this year centered on slower wholesale order growth and weaker expected margin benefits from the mix shift toward direct-to-consumer sales.

The March management change, with founders returning to lead the company, may still be contributing to investor concern about strategic continuity and execution.

Sources:

SEC, On Holding AG, Bloomberg, 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 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 253 institutional investors add shares of $ONON stock to their portfolio, and 334 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
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
UBS GROUP AG added 3,684,783 shares (+100.4%) to their portfolio in Q1 2026, for an estimated $125,356,317

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 Analyst Ratings

Wall Street analysts have issued reports on $ONON in the last several months. We have seen 2 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

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 8 analysts offer price targets for $ONON in the last 6 months, with a median target of $47.5.

Here are some recent targets:

Simeon Siegel from Guggenheim set a target price of $51.0 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
Ashley Owens from Keybanc set a target price of $43.0 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
Janine Stichter from BTIG set a target price of $70.0 on 03/04/2026

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.