On August 21, On Holding AG declined 5.02% in regular trading, trading at $29.695 per share, with turnover of $166 million. The stock continues to face selling pressure following its Q2 earnings release on August 11 and subsequent analyst target price cuts.

On Holding reported Q2 net sales of 850.3 million Swiss francs, missing the market consensus of 878 million Swiss francs. Revenue growth decelerated sharply to 13.5% from 32% in the year-ago period. The company simultaneously lowered its full-year revenue growth guidance to the low 20% range, down from at least 23% previously. While adjusted EPS of 0.44 USD beat the 0.41 USD estimate and gross margin reached a record 65.4%, the top-line miss and guidance cut triggered an initial 20%-plus selloff on earnings day.

In the aftermath, multiple institutions slashed price targets: Truist Securities cut to $40 from $48, Raymond James lowered to $38, and Jefferies warned the stock would remain under pressure citing slowing U.S. wholesale growth, rising SG&A expenses, and declining customer retention rates. Management noted it deliberately restrained wholesale shipments to protect premium positioning and inventory health ahead of product launches.

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