Long Position on ONON @ $30.00 on 6/16/2023 (Momentum)

On Holding AG (ONON) develops and distributes sports products worldwide. 

It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. 

On was born in the Swiss Alps with one goal: to revolutionize the sensation of running by empowering all to run on clouds.

Shares have formed a bullish "cup and handle" following its latest quarterly report. 

On May 16th, ONON reported 1st Quarter March 2023 earnings of $0.15 per share on revenue of $454.1 million. The consensus earnings estimate was $0.08 per share. Revenue grew 78.0% on a year-over-year basis.

Guided Higher:  The company said it expects 2023 revenue of at least $1.95 billion. The company's previous guidance was revenue of at least $1.84 billion and the previous consensus revenue estimate was $1.94 billion for the year ending December 31, 2023.

Entry Point: $30.00 

Trading Range: $15.44 to $34.88

Stop Loss: $28.50

Target Price: $33.00

Position closed on 7/5/2023 at price of $33.00 with a 10.00% gain in 19 days.

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