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

Onsemi (NASDAQ:ON) was the target of a significant increase in short interest in 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. Currently, 7.5% of the shares of the company are sold short. Based on an average daily volume of 8,890,000 shares, the short-interest ratio is presently 3.5 days.

Onsemi Price Performance

ON stock traded down $0.38 during midday trading on Thursday, reaching $43.20. The company had a trading volume of 2,300,826 shares, compared to its average volume of 6,768,288. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38. Onsemi has a 1 year low of $41.59 and a 1 year high of $80.08. The company has a market capitalization of $18.20 billion, a P/E ratio of 11.94, a P/E/G ratio of 16.74 and a beta of 1.59. The firm has a 50-day moving average price of $50.50 and a 200-day moving average price of $62.52.

Onsemi (NASDAQ:ON) last released its quarterly earnings results on Monday, February 10th. The semiconductor company reported $0.95 EPS 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, research analysts anticipate that Onsemi will post 2.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on ON shares. JPMorgan Chase & Co. dropped their price target on Onsemi from $88.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 11th. Roth Mkm dropped their price objective on shares of Onsemi from $100.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. Truist Financial cut their target price on shares of Onsemi from $60.00 to $52.00 and set a “hold” rating for the company in a research report on Tuesday, February 11th. Benchmark lowered their price target on shares of Onsemi from $90.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. Finally, UBS Group cut their price objective on shares of Onsemi from $72.00 to $65.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Onsemi has a consensus rating of “Moderate Buy” and a consensus target price of $66.85.

Institutional Trading of Onsemi

Several institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Onsemi in the 4th quarter valued at about $378,312,000. Bridgewater Associates LP increased its stake in Onsemi by 8,367.5% in 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 lifted its position in Onsemi by 9.2% in the fourth quarter. Janus Henderson Group PLC now owns 12,377,264 shares of the semiconductor company’s stock valued at $780,387,000 after purchasing an additional 1,041,989 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of 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 purchasing an additional 1,037,624 shares during the period. Finally, Freestone Grove Partners LP bought a new position in shares of Onsemi in the fourth quarter worth approximately $62,426,000. 97.70% of the stock is currently owned by hedge funds and other institutional investors.

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.