We recently compiled a list of the 10 Stocks Trade Weaker on Disappointing News. In this article, we are going to take a look at where On Holding AG (NYSE:ONON) stands against the other stocks.

Wall Street finished the trading week on a strong note, with all major indices recording gains as investors digested the latest US jobs data, which fell short of expectations.

The tech-heavy Nasdaq posted the largest gain with 0.70 percent, followed by the S&P 500 with 0.55 percent, and the Dow Jones by 0.52 percent.

Ten companies across mixed sectors bucked a wider market optimism, ending Friday in the red territory. In this article, we have listed the 10 worst-performing names and detailed the reasons behind their performance.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A team of athletes showcasing the company's athletic footwear in an outdoor stadium.

On Holding AG (NYSE:ONON)

On Holding AG (NYSE:ONON) declined for a second day on Friday, shedding 5.79 percent to finish at $46.66 apiece as investors pocketed gains following a surge in its price during the trading week buoyed by its strong earnings performance.

On Tuesday, On Holding AG (NYSE:ONON) announced that its net income in the fiscal year 2024 tripled to CHF242.3 million from CHF79.6 million in 2023. It also swung to a net profit of CHF89.5 million in the fourth quarter of the year from a net loss of CHF26.8 million in the same period a year earlier.

Net sales for the full-year period grew 29.4 percent to CHF2.318 billion from CHF1.792 billion, while net sales for the quarter rose 35.7 percent to CHF606.6 million from CHF447.1 million.

For this year, On Holding AG (NYSE:ONON) expects to achieve a constant currency growth rate of at least 27 percent, translating to net sales of at least CHF2.94 billion at current spot rates.

Overall ONON ranks 9th on our list of Friday's worst performers. While we acknowledge the potential of ONON as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ONON but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

 

Disclosure: None. This article is originally published at Insider Monkey.