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

Onsemi (NASDAQ:ON)’s share 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.

Analyst Upgrades and Downgrades

ON has been the topic of several analyst reports. JPMorgan Chase & Co. reduced their target price on Onsemi from $95.00 to $90.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. Wells Fargo & Company reduced their price objective on shares of Onsemi from $110.00 to $95.00 and set an “overweight” rating on the stock in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and issued a $92.00 target price on shares of Onsemi in a research report on Tuesday, February 6th. TD Cowen increased their price target on shares of Onsemi from $80.00 to $90.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 6th. Finally, Morgan Stanley cut their target price on Onsemi from $80.00 to $70.00 and set an “equal weight” rating for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $95.28.

Onsemi Price Performance

The firm has a 50 day moving average price of $73.93 and a two-hundred day moving average price of $75.84. The company has a market cap of $27.86 billion, a P/E ratio of 13.47, a P/E/G ratio of 5.92 and a beta of 1.80. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.74 and a current ratio of 2.71.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Provence Wealth Management Group purchased a new position in shares of Onsemi during the 3rd quarter valued at $25,000. Turtle Creek Wealth Advisors LLC purchased a new position in Onsemi during the fourth quarter worth about $32,000. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Onsemi in the 4th quarter valued at about $33,000. Private Wealth Management Group LLC bought a new stake in shares of Onsemi during the 4th quarter valued at about $33,000. Finally, Hanseatic Management Services Inc. purchased a new position in shares of Onsemi during the third quarter worth about $38,000. Hedge funds and other 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.