On Holding stock falls despite Q1 beat as investors weigh guidance and a ‘sell-the-news’ reaction

On Holding AG (ONON) is down 6.4% today. Here is some analysis on what might have caused this price movement.

Analysis: The drop appears tied to a post-earnings “sell-the-news” reaction after On reported strong first-quarter results but largely reiterated its full-year net sales growth outlook. Investors may also be focusing on headline (reported) growth that looks slower than constant-currency growth, plus ongoing macro and tariff uncertainty referenced in management’s commentary.

Details:

On reported first-quarter net sales of CHF 831.9 million, up 14.5% year over year on a reported basis (26.4% in constant currency), along with record quarterly net sales above CHF 800 million.

The company reiterated its full-year 2026 constant-currency net sales growth outlook of at least 23%, while raising its profitability expectations (including a gross margin of at least 64.5% and adjusted EBITDA margin of 19.5%–20.0%).

An earnings summary based on Zacks data showed On’s adjusted EPS and revenue exceeded analyst expectations, which can sometimes set a high bar for forward-looking commentary and drive profit-taking if guidance does not meaningfully move higher.

This could also be because currency impacts make reported growth look less impressive versus constant-currency figures, leading some investors to reassess near-term momentum.

Sources:

SEC, The Associated Press

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 6 times in the past 6 months. Of those trades, 0 have been purchases and 6 have been sales.

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

MARTIN HOFFMANN (CEO) has made 0 purchases and 6 sales selling 24,900 shares for an estimated $879,975.

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 261 institutional investors add shares of $ONON stock to their portfolio, and 279 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
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
FENGHE FUND MANAGEMENT PTE. LTD. added 3,064,211 shares (+inf%) to their portfolio in Q4 2025, for an estimated $142,424,527
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
HOLOCENE ADVISORS, LP added 2,399,372 shares (+inf%) to their portfolio in Q4 2025, for an estimated $111,522,810

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 4 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

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 9 analysts offer price targets for $ONON in the last 6 months, with a median target of $57.0.

Here are some recent targets:

Cristina Fernandez from Telsey Advisory Group set a target price of $60.0 on 03/25/2026
Simeon Siegel from Guggenheim set a target price of $51.0 on 03/04/2026
Janine Stichter from BTIG set a target price of $70.0 on 03/04/2026
Joseph Civello from Truist Securities set a target price of $55.0 on 03/04/2026
Adrienne Yih from Barclays set a target price of $57.0 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.