Core Insights - ON Holdings (ON) has experienced unusual options activity, with a notable decline in options volume by 32.14% compared to the one-month trailing average, totaling 10,645 contracts [1] - The sentiment in options trading has shifted towards bearish, with net trade sentiment falling to $208,900 below parity, indicating that most calls were sold rather than bought [2] - Institutional traders are predominantly selling calls, which raises concerns about market confidence in ON stock, further compounded by a technical analysis indicating a 100% Strong Sell rating [3] Analyst Ratings - Despite the bearish sentiment in options trading, Wall Street analysts maintain a consensus rating of Strong Buy for ON stock, with a 12-month price target of $64.41, suggesting a potential upside of nearly 54% [4] Pricing Models - The Black-Scholes-Merton (BSM) model is mentioned as a tool for estimating the fair value of options, but its use as a predictive model is questioned, highlighting the challenges in determining future price movements [4][5]

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