Did Saturation Peak? Consensus Metrics and Technical Setup for On Running's 2Q'25

We're Finally Sub-40x Forward Earnings in $ONON, but with Good Reason?

Earnings reactions in On Running (ONON) have been broadly positive outside of the very painful stretch during 2023:

ONON investors have experienced significant pain of late, however, with shares underperforming the SPY by 3,240bps since last print’s 12% spike. We’re back below 40x forward earnings for only the second time in company history and at a record low multiple into an earnings print. Are the shorts, which have gathered in relative size, onto something here?

Consensus expects the following for key metrics in the 2Q print and full year guidance: