On Holding AG Attracts Attention from Dave Portnoy

On Holding AG (NYSE:ONON) experienced a 2% surge in early afternoon trading on Thursday amid above-average volume. Meanwhile, the athletic apparel and footwear sector witnessed a significant earnings report, as Under Armour (UAA) delivered a mixed performance for the crucial holiday quarter.

Adding to the day’s mix, Dave Portnoy, the founder of Barstool Sports, declared his purchase of “a million” shares of On Holding (ONON) on a recommendation from T3 co-founder and Seeking Alpha analyst Scott Redler, via a post on the social media platform X. Notably, Portnoy has previously shared optimistic views on specific stocks with his large following. Although On Holding AG (ONON) has not yet become a battleground stock, its short interest, which represents 13.40% of the total float, could contribute to volatility if it gains popularity among retail investors. It is noteworthy that Portnoy’s stance aligns with that of Wall Street; out of 20 firms covering the stock, 16 have assigned a Buy-equivalent rating or higher.

Moreover, On Holding (ONON) is not slated to release its earnings until mid-March. The consensus estimates for this period are $523M in revenue and an EPS of $0.15. It is worth mentioning that On Holding (ONON) has exceeded revenue expectations for nine consecutive quarters.