Footwear Stock Falls After Earnings Disappoint

A downbeat net sales forecast is also weighing on the shares

Deputy Editor
Mar 12, 2024 at 11:22 AM
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On Holding AG (NYSE:ONON) stock is plummeting today, after the footwear retailer's disappointing fourth-quarter results and net sales forecast. Down 13% at $29.24 at last glance, ONON is on the short sell restricted (SSR) list today. 

This bear gap has the equity dropping below its 20-day moving average, which provided close support this month, though long-term support at its 320-day moving average is still keeping a cap on losses. Since last March, ONON is up 42.5%. The stock is also holding on to a modest year-to-date gain. 

In response, options traders are chiming in at six times the volume typically seen at this point. So far, 30,000 calls and 29,000 puts have already been traded, with new positions opening at the most popular contract, the March 25.50 put. 

It's also worth noting that short interest represents 14.5% of the stock's available float. It would take shorts nearly seven days to cover their bets, at On Holding stock's average pace of trading -- plenty of pent-up buying power for those betting on a bounce. 

 

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