Short Interest in Onsemi (NASDAQ:ON) Grows By 16.9%

Onsemi (NASDAQ:ON) saw a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 31,320,000 shares, an increase of 16.9% from the February 13th total of 26,790,000 shares. Approximately 7.5% of the company’s shares are short sold. Based on an average daily volume of 8,890,000 shares, the days-to-cover ratio is currently 3.5 days.

Institutional Investors Weigh In On Onsemi

A number of institutional investors have recently added to or reduced their stakes in ON. Norges Bank bought a new stake in Onsemi during the fourth quarter worth $378,312,000. Bridgewater Associates LP raised its stake in shares of Onsemi by 8,367.5% during the 3rd quarter. Bridgewater Associates LP now owns 1,123,041 shares of the semiconductor company’s stock worth $81,544,000 after purchasing an additional 1,109,778 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Onsemi by 9.2% in the 4th quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company’s stock worth $780,387,000 after buying an additional 1,041,989 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Onsemi by 35.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,005,784 shares of the semiconductor company’s stock valued at $247,226,000 after buying an additional 1,037,624 shares during the period. Finally, Freestone Grove Partners LP purchased a new stake in Onsemi during the fourth quarter worth about $62,426,000. 97.70% of the stock is owned by institutional investors.

Onsemi Stock Down 0.9 %

Shares of ON traded down $0.38 on Thursday, reaching $43.20. The company’s stock had a trading volume of 2,300,826 shares, compared to its average volume of 6,768,288. The company has a current ratio of 5.06, a quick ratio of 3.38 and a debt-to-equity ratio of 0.38. Onsemi has a twelve month low of $41.59 and a twelve month high of $80.08. The stock has a market capitalization of $18.20 billion, a PE ratio of 11.94, a PEG ratio of 16.74 and a beta of 1.59. The firm has a fifty day moving average of $50.50 and a 200-day moving average of $62.52.

Onsemi (NASDAQ:ON) last posted its earnings results on Monday, February 10th. The semiconductor company reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.03). Onsemi had a return on equity of 20.10% and a net margin of 22.21%. Equities analysts predict that Onsemi will post 2.6 EPS for the current year.

Wall Street Analysts Forecast Growth

ON has been the topic of several analyst reports. Craig Hallum reduced their price objective on shares of Onsemi from $78.00 to $50.00 and set a “hold” rating on the stock in a research note on Tuesday, February 11th. Roth Capital set a $60.00 price objective on shares of Onsemi in a research note on Friday, March 7th. Morgan Stanley reduced their price objective on shares of Onsemi from $52.00 to $44.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 11th. Needham & Company LLC restated a “buy” rating and issued a $57.00 target price on shares of Onsemi in a report on Monday, March 3rd. Finally, Truist Financial dropped their target price on shares of Onsemi from $60.00 to $52.00 and set a “hold” rating on the stock in a report on Tuesday, February 11th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Onsemi has a consensus rating of “Moderate Buy” and a consensus target price of $66.85.

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.