TLDR
- On Holding stock jumped 5.6% in premarket trading after signing Real Madrid striker Kylian Mbappé as a global ambassador and product development partner.
- Mbappé left his previous Nike deal to help On develop football footwear using its proprietary LightSpray technology.
- French football legend Thierry Henry has joined On as Director of Football, having worked on product strategy since late 2025.
- Needham & Company reaffirmed a “buy” rating on ONON with a $37 price target, while the consensus average target sits at $43.92.
- On’s last quarterly results missed expectations, with EPS of $0.35 vs $0.42 estimated, though revenue rose 13.5% year over year.
On Holding stock jumped 5.6% in premarket trading on Friday after the Swiss sportswear brand announced it had signed Kylian Mbappé as a global ambassador and product development partner.
The 27-year-old Real Madrid striker and World Cup record goal scorer left his previous deal with Nike to join On. ONON opened at $27.33 on Friday, with a 52-week range of $26.36 to $51.08.
Nike and Adidas both dipped on the news, falling 0.8% and 1% respectively in premarket trading.
Kylian Mbappe is no longer sponsored by Nike $NKE and has left to join On Holdings $ONON https://t.co/0qZFlQMI03
— Evan (@StockMKTNewz) September 18, 2026
Mbappé will work directly with On’s product engineering teams in Zurich. The focus will be on developing football footwear built using On’s LightSpray technology, a robotic, continuous-filament spraying process first introduced in 2024.
The goal is to create boots that fit like a second skin, adapted specifically for the demands of professional football.
Thierry Henry Joins as Director of Football
On also revealed that French football legend Thierry Henry has joined the company as Director of Football. Henry had already been working behind the scenes on product strategy since late 2025.
Swiss international and FC Barcelona player Sydney Schertenleib also expanded her ambassador role with the brand to help develop products for the women’s game.
The moves mark On’s official entry into global football, a market long dominated by Nike and Adidas.
Analyst Ratings and Price Targets
Needham & Company reaffirmed its “buy” rating on ONON on Friday, with a price target of $37. That would represent a potential upside of around 35% from the stock’s current price.
The broader analyst community remains largely positive. On carries a consensus “Moderate Buy” rating, with an average price target of $43.92 across covering firms.
JPMorgan initiated coverage in July with an “overweight” rating and a $51 target. UBS and Barclays both hold “buy” or “overweight” ratings, though both trimmed their targets in August.
Two analysts have given the stock a “Strong Buy,” eighteen a “Buy,” five a “Hold,” and two a “Sell.”
On’s most recent quarterly results, reported August 11, came in below expectations. The company posted EPS of $0.35, missing the $0.42 consensus estimate. Revenue came in at $1.05 billion versus the $1.09 billion forecast.
Despite the miss, revenue was up 13.5% year over year. Analysts expect On to post full-year EPS of $1.49.
On the insider front, both a company insider and CEO Caspar Coppetti each purchased 65,000 shares on August 14 at $30.67 per share. Insiders now own 68.57% of the company’s stock.
The stock’s 50-day moving average sits at $32.68 and its 200-day moving average at $35.59, both above the current price level.
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