ON Semiconductor Corporation’s Stock Price Plummets to $70.76, Marking a Significant 9.13% Downfall

ON Semiconductor Corporation (ON)

70.76 USD -7.11 (-9.13%) Volume: 10.7M

ON Semiconductor Corporation’s stock price is currently at 70.76 USD, experiencing a 9.13% decrease this trading session with a trading volume of 10.7M, and a year-to-date percentage change of -15.29%, reflecting the company’s market performance.

Latest developments on ON Semiconductor Corporation

Today, ON Semiconductor’s stock price movements were influenced by a series of events in the semiconductor industry. Nvidia’s recent decline, along with other semiconductor stocks tumbling amid signs of weakness, created a ripple effect. Additionally, global semiconductor sales saw a significant increase of 18.7% year-to-year in July, while researchers demonstrated spontaneous synchronization of quantum vortices in semiconductor microcavities. ON Semiconductor put volume was heavy and directionally bearish, further impacting the stock price. The approval of Kaynes Semicon’s Rs 3,300 crore semiconductor unit in Gujarat by the Union Cabinet also played a role in shaping market sentiment. These events, combined with ongoing developments in the industry, have led to fluctuations in ON Semiconductor’s stock price today.

ON Semiconductor Corporation on Smartkarma

On Semiconductor has been receiving bullish analyst coverage on Smartkarma, with research reports from Baptista Research highlighting the company’s financial performance and strategic advancements. In the second quarter of 2024, On Semiconductor faced challenges in an inventory-heavy environment but also made significant strategic advancements. Despite posting revenue of $1.74 billion, which was a decline from the previous year, the company’s non-GAAP gross margin slightly decreased to 45.3% due to underutilization from softened demand.

Another report from Baptista Research on Smartkarma focuses on On Semiconductor‘s adoption in low-cost electric vehicles and broad technology offering. In Q1 2024, the company reported revenue of $1.86 billion, with a non-GAAP gross margin of 45.9% and non-GAAP earnings per share exceeding expectations. The report highlights the company’s success in navigating market dynamics, with a 30% increase in new design wins and growth in market share for silicon and silicon carbide technologies. Baptista Research also aims to evaluate various factors influencing the company’s stock price and conduct an independent valuation using a Discounted Cash Flow methodology.

A look at ON Semiconductor Corporation Smart Scores

Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma

On Semiconductor has a promising long-term outlook based on its Smartkarma Smart Scores. With a high Growth score of 5, the company is expected to experience significant expansion and development in the future. Additionally, its Momentum score of 4 indicates strong market performance and positive investor sentiment. While the Value and Resilience scores are average at 3, On Semiconductor‘s overall outlook appears to be positive.

Despite its low Dividend score of 1, On Semiconductor Corporation remains a key player in the supply of analog, standard logic, and discrete semiconductors for data and power management. The company’s diverse product offerings, including integrated circuits and analog ICs, position it well for future growth and success in the industry. With solid scores in Growth and Momentum, On Semiconductor is likely to continue its upward trajectory in the market.

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