Insider Selling

Insiders at On Holding AG file Form 144 while its Q2 earnings shine

A person wearing sports footwear shown in the background of image with blog detail about insider selling at On Holding on top

The sportswear market saw an expected dip in sales during the COVID-19 pandemic. But since then, the industry as a whole has recovered. As some companies put it, certain consumers have become more aware of their health than ever before and this has placed sportswear and related companies ahead on the map. On Holding (ONON: US) is a developer and supplier of sportswear and other related products worldwide. Headquartered in Zurich, the company was founded in 2010 and is listed on the NYSE with a current Market Cap of $7.57 billion

The recent news around the company is that two insiders and a board representative filed Form 144s to sell their shares of ONON

Insiders file Form 144

On August 15, two insiders brought forth their Form 144s, worth millions of dollars. Both Insiders filed via the broker, Goldman Sachs & Co LLC, and at the same rate of $24.46 per share.

  • Marc Maurer, the company’s Co-CEO, filed his form for 525,400 Ordinary A shares worth $12.85 million.
  • The company’s other CEO, Martin Hoffman, who also serves as the CFO, filed his form for a slightly larger sum of 551,164. These were valued at $13.48 million.

Later, on August 17, another Form 144 was filed. This was by Point Break Capital LP, a hedge fund represented on the Board. According to On Holding’s Annual Report for fiscal year 2021, Point Break is the owner of 3,246,157 Class A ordinary shares. Their form was for 1,319,829 of those shares at a rate of $24.07 per share. In total, the shares were valued at $31.77 million while the form was filed by Morgan Stanley & Co.

A collage of three Form 144s filed by the company's Co-CEOs, Marc Maurer & Martin Hoffman and the Hedge fund, Point Break Capital

ONON stock performance

On August 16, On Holding disclosed its quarterly earnings for the second fiscal quarter of 2022, along with a six-month period report. Net sales rose by 66.6% in the quarter, while the net sales for the six-month period were up by 67.2% year on year, reaching a total value of CHF 527.3 million.

On the profits, Co-CEO and CFO Hoffman said, “We are very pleased and proud to report that we have reached our highest quarterly net sales in history by a good margin in the second quarter of 2022 and with that, are observing a continued strong demand for On products across all regions.

On the other hand, ONON’s stock price is down by 37.77% year-to-date. In the past month, however, the stock has resumed pace and saw an increase of 24.20%. Adding to this, Analysts from multiple firms, including Morgan Stanley and UBS have rated the stock as a strong buy. Quite ironically, Morgan Stanley also is the broker for Point Break Capital LP’s form 144 filed above.

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