Onsemi (NASDAQ:ON) Shares Gap Down to $64.47

Onsemi (NASDAQ:ON)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $64.47, but opened at $63.01. Onsemi shares last traded at $62.88, with a volume of 1,002,928 shares changing hands.

Analyst Ratings Changes

A number of research firms have issued reports on ON. Truist Financial lowered their price target on Onsemi from $94.00 to $89.00 and set a “buy” rating for the company in a research report on Tuesday, February 6th. The Goldman Sachs Group cut their price target on shares of Onsemi from $91.00 to $81.00 and set a “buy” rating on the stock in a report on Tuesday. 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. JPMorgan Chase & Co. cut their target price on shares of Onsemi from $95.00 to $90.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 6th. Finally, Evercore ISI initiated coverage on shares of Onsemi in a research report on Tuesday. They set an “outperform” rating and a $104.00 price target for the company. Eleven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Onsemi has a consensus rating of “Moderate Buy” and a consensus price target of $98.52.

Onsemi Stock Performance

The company has a 50-day moving average of $75.43 and a 200-day moving average of $76.75. The firm has a market capitalization of $27.20 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 6.27 and a beta of 1.80. The company has a current ratio of 2.71, a quick ratio of 1.74 and a debt-to-equity ratio of 0.33.

Onsemi (NASDAQ:ON) last issued its earnings results on Monday, February 5th. The semiconductor company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.04. Onsemi had a net margin of 26.46% and a return on equity of 31.36%. The company had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $2 billion. During the same period in the prior year, the company earned $1.32 earnings per share. The firm’s revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts forecast that Onsemi will post 4.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Onsemi

Several institutional investors have recently modified their holdings of the company. Capital Insight Partners LLC grew its stake in shares of Onsemi by 9.7% in the first quarter. Capital Insight Partners LLC now owns 57,733 shares of the semiconductor company’s stock worth $4,246,000 after purchasing an additional 5,084 shares in the last quarter. Hennessy Advisors Inc. grew its position in Onsemi by 9.9% in the 1st quarter. Hennessy Advisors Inc. now owns 38,459 shares of the semiconductor company’s stock valued at $2,829,000 after buying an additional 3,459 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Onsemi by 39.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,299 shares of the semiconductor company’s stock valued at $978,000 after buying an additional 3,735 shares during the period. Davis Investment Partners LLC bought a new stake in shares of Onsemi during the 1st quarter worth about $940,000. Finally, Gateway Investment Advisers LLC lifted its stake in shares of Onsemi by 2.4% in the 1st quarter. Gateway Investment Advisers LLC now owns 50,193 shares of the semiconductor company’s stock worth $3,692,000 after acquiring an additional 1,185 shares during the period. Institutional investors own 97.70% of the company’s stock.

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.