Onsemi (NASDAQ:ON) Shares Gap Up to $61.68

Onsemi (NASDAQ:ON)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $61.68, but opened at $67.17. Onsemi shares last traded at $65.85, with a volume of 2,634,143 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ON shares. Truist Financial dropped their price objective on Onsemi from $94.00 to $89.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. JPMorgan Chase & Co. dropped their price objective on Onsemi from $95.00 to $90.00 and set a “neutral” rating for the company in a research note on Tuesday, February 6th. Evercore ISI assumed coverage on Onsemi in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $104.00 price target for the company. Roth Mkm raised their price target on Onsemi from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Finally, Morgan Stanley dropped their price target on Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $95.28.

Onsemi Price Performance

The company has a quick ratio of 1.74, a current ratio of 2.71 and a debt-to-equity ratio of 0.33. The firm has a fifty day moving average price of $73.60 and a two-hundred day moving average price of $75.77. The stock has a market capitalization of $28.53 billion, a P/E ratio of 13.57, a P/E/G ratio of 6.40 and a beta of 1.80.

Onsemi (NASDAQ:ON) last issued its quarterly earnings results on Monday, February 5th. The semiconductor company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.04. Onsemi had a return on equity of 31.36% and a net margin of 26.46%. The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2 billion. During the same period last year, the company earned $1.32 earnings per share. The company’s revenue was down 4.1% on a year-over-year basis. On average, analysts expect that Onsemi will post 4.3 EPS for the current year.

Hedge Funds Weigh In On Onsemi

Several institutional investors and hedge funds have recently modified their holdings of ON. DAVENPORT & Co LLC increased its holdings in Onsemi by 8.5% in the 3rd quarter. DAVENPORT & Co LLC now owns 11,267 shares of the semiconductor company’s stock worth $1,047,000 after buying an additional 882 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in Onsemi by 199.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 4,062 shares of the semiconductor company’s stock worth $378,000 after buying an additional 2,707 shares in the last quarter. Private Trust Co. NA increased its holdings in Onsemi by 13.2% in the 3rd quarter. Private Trust Co. NA now owns 1,282 shares of the semiconductor company’s stock worth $119,000 after buying an additional 149 shares in the last quarter. Caprock Group LLC increased its holdings in Onsemi by 44.9% in the 3rd quarter. Caprock Group LLC now owns 3,570 shares of the semiconductor company’s stock worth $332,000 after buying an additional 1,107 shares in the last quarter. Finally, Czech National Bank increased its holdings in Onsemi by 47.5% in the 3rd quarter. Czech National Bank now owns 75,423 shares of the semiconductor company’s stock worth $7,011,000 after buying an additional 24,298 shares in the last quarter. 97.70% of the stock is currently owned by institutional investors.

Onsemi Company Profile

onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.