Onsemi (NASDAQ:ON) Sees Significant Growth in Short Interest

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

Hedge Funds Weigh In On Onsemi

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nordea Investment Management AB boosted its position in Onsemi by 25.9% during the 4th quarter. Nordea Investment Management AB now owns 402,124 shares of the semiconductor company’s stock worth $25,724,000 after acquiring an additional 82,614 shares during the period. Cinctive Capital Management LP bought a new position in Onsemi during the 3rd quarter valued at $1,270,000. Blue Trust Inc. raised its stake in shares of Onsemi by 16.1% in the 4th quarter. Blue Trust Inc. now owns 8,076 shares of the semiconductor company’s stock worth $509,000 after buying an additional 1,119 shares in the last quarter. Oak Thistle LLC acquired a new stake in shares of Onsemi in the fourth quarter valued at $515,000. Finally, Deltec Asset Management LLC bought a new position in Onsemi during the fourth quarter valued at about $6,343,000. Institutional investors and hedge funds own 97.70% of the company’s stock.

Analysts Set New Price Targets

ON has been the subject of several research reports. Wells Fargo & Company decreased their price objective on shares of Onsemi from $80.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, February 11th. Benchmark lowered their price target on Onsemi from $90.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, February 12th. JPMorgan Chase & Co. reduced their price objective on Onsemi from $88.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 11th. Rosenblatt Securities reiterated a “neutral” rating and issued a $49.00 target price on shares of Onsemi in a research note on Thursday, February 27th. Finally, Craig Hallum lowered their price objective on shares of Onsemi from $78.00 to $50.00 and set a “hold” rating for the company in a research report on Tuesday, February 11th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, Onsemi presently has a consensus rating of “Moderate Buy” and an average target price of $66.85.

Onsemi Stock Performance

Shares of NASDAQ ON traded up $0.16 during midday trading on Wednesday, hitting $43.58. The company’s stock had a trading volume of 5,038,858 shares, compared to its average volume of 6,778,104. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.38 and a current ratio of 5.06. The firm’s fifty day moving average price is $50.80 and its 200-day moving average price is $62.65. Onsemi has a 1-year low of $41.59 and a 1-year high of $80.08. The firm has a market cap of $18.37 billion, a P/E ratio of 12.01, a P/E/G ratio of 16.74 and a beta of 1.59.

Onsemi (NASDAQ:ON) last announced its quarterly 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%. On average, sell-side analysts forecast that Onsemi will post 2.6 EPS 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.