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

Shares of Onsemi (NASDAQ:ON) 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 traded.

Analyst Ratings Changes

Several research firms have commented on ON. Rosenblatt Securities reiterated a “neutral” rating and set a $75.00 price objective on shares of Onsemi in a research note on Tuesday, February 6th. Susquehanna reissued a “positive” rating and issued a $90.00 price target on shares of Onsemi in a research note on Monday, April 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $92.00 price objective on shares of Onsemi in a research note on Tuesday, February 6th. TD Cowen raised their target price on shares of Onsemi from $80.00 to $90.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 6th. Finally, Morgan Stanley lowered their target price on Onsemi from $80.00 to $70.00 and set an “equal weight” rating on the stock in a report on Monday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Onsemi has an average rating of “Moderate Buy” and an average price target of $95.28.

Onsemi Trading Up 5.1 %

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 stock has a market capitalization of $27.86 billion, a price-to-earnings ratio of 13.47, a P/E/G ratio of 5.92 and a beta of 1.80. The company has a fifty day moving average of $73.93 and a two-hundred day moving average of $75.84.

Onsemi (NASDAQ:ON) last posted its quarterly earnings results on Monday, February 5th. The semiconductor company reported $1.25 EPS 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 business had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $2 billion. During the same period last year, the firm earned $1.32 EPS. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, research analysts expect that Onsemi will post 4.3 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital World Investors acquired a new stake in Onsemi during the 4th quarter valued at $697,276,000. Norges Bank purchased a new stake in Onsemi during the 4th quarter worth about $418,102,000. Invesco Ltd. increased its position in Onsemi by 26.0% during the 3rd quarter. Invesco Ltd. now owns 5,812,863 shares of the semiconductor company’s stock worth $540,306,000 after purchasing an additional 1,200,723 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Onsemi by 55.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,335,975 shares of the semiconductor company’s stock valued at $195,124,000 after purchasing an additional 828,944 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Onsemi by 23.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,272,182 shares of the semiconductor company’s stock valued at $397,108,000 after purchasing an additional 817,237 shares in the last quarter. Institutional investors and hedge funds own 97.70% of the company’s stock.

About Onsemi

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.