Onsemi (NASDAQ:ON) Shares Gap Down on Analyst Downgrade

Onsemi (NASDAQ:ON)’s stock price gapped down before the market opened on Monday after Truist Financial lowered their price target on the stock from $97.00 to $89.00. The stock had previously closed at $71.25, but opened at $67.30. Truist Financial currently has a buy rating on the stock. Onsemi shares last traded at $72.63, with a volume of 5,098,499 shares changing hands.

Other research analysts have also issued reports about the stock. BNP Paribas reduced their target price on shares of Onsemi from $60.00 to $55.00 in a research note on Friday, October 25th. Bank of America boosted their price objective on Onsemi from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Benchmark restated a “buy” rating and issued a $90.00 target price on shares of Onsemi in a research report on Tuesday. Roth Mkm boosted their price target on Onsemi from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. raised their price target on Onsemi from $85.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Onsemi currently has an average rating of “Moderate Buy” and an average price target of $85.57.

Insider Buying and Selling

In other news, CEO Hassane El-Khoury sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $72.71, for a total value of $109,065.00. Following the transaction, the chief executive officer now directly owns 839,210 shares of the company’s stock, valued at approximately $61,018,959.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Onsemi

Several institutional investors have recently bought and sold shares of the stock. GHP Investment Advisors Inc. lifted its stake in shares of Onsemi by 12,850.0% in the third quarter. GHP Investment Advisors Inc. now owns 518 shares of the semiconductor company’s stock worth $38,000 after buying an additional 514 shares during the last quarter. Westside Investment Management Inc. lifted its position in Onsemi by 5,500.0% during the 1st quarter. Westside Investment Management Inc. now owns 560 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 550 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in Onsemi during the first quarter valued at about $45,000. Massmutual Trust Co. FSB ADV grew its position in shares of Onsemi by 36.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 629 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 169 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Onsemi in the second quarter worth about $43,000. 97.70% of the stock is currently owned by institutional investors.

Onsemi Stock Up 3.4 %

The firm has a 50-day moving average of $71.49 and a two-hundred day moving average of $71.48. The firm has a market cap of $32.00 billion, a price-to-earnings ratio of 18.54, a PEG ratio of 3.82 and a beta of 1.65. The company has a current ratio of 3.01, a quick ratio of 1.95 and a debt-to-equity ratio of 0.31.

Onsemi (NASDAQ:ON) last released its earnings results on Monday, October 28th. The semiconductor company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.97 by $0.02. The firm had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. Onsemi had a net margin of 24.84% and a return on equity of 25.48%. The business’s quarterly revenue was down 19.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.39 EPS. As a group, sell-side analysts predict that Onsemi will post 4.01 earnings per share for the current fiscal year.

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.