ON Semiconductor Corporation’s Stock Price Skyrockets to $75.88, Marking a Stellar 6.75% Increase

ON Semiconductor Corporation (ON)

75.88 USD +4.80 (+6.75%) Volume: 8.36M

ON Semiconductor Corporation’s stock price soared to $75.88, marking a significant trading session increase of +6.75% on a volume of 8.36M shares, despite a Year-To-Date (YTD) percentage change of -9.16%, showcasing the resilience and potential of ON’s stock performance in the market.

Latest developments on ON Semiconductor Corporation

Today, the stock price of ON Semiconductor Corporation (NASDAQ:ON) is experiencing movement due to various key events in the semiconductor industry. Market whales have been making significant bets on ON Semiconductor options, indicating potential future growth. The National Institute of Standards and Technology is seeking public input on enhancing semiconductor supply chain security, highlighting the importance of cybersecurity in the industry. Additionally, Foxconn’s discussion on their 3+3 strategy and expected returns on semiconductor investments by late 2024 is impacting investor sentiment. Furthermore, Prime Minister Modi’s announcement of India’s rapid progress on a semiconductor mission and Penn State’s substantial investment in the semiconductor workforce are also contributing to the stock price movements today.

ON Semiconductor Corporation on Smartkarma

Analysts at Baptista Research have provided bullish coverage on On Semiconductor Corporation, highlighting the company’s financial performance and strategic advancements. In the second quarter of 2024, Onsemi posted revenue of $1.74 billion, in line with guidance but showing a decline from the previous year. The non-GAAP gross margin was at 45.3%, slightly down from previous quarters due to underutilization from softened demand. The research report delves into the challenges faced by On Semiconductor in an inventory-heavy environment and examines whether the expansion of its Silicon Carbide business can offset these challenges.

Another report from Baptista Research focuses on On Semiconductor Corporation’s adoption in low-cost electric vehicles and its broad technology offering. In the first quarter of 2024, the company reported revenue of $1.86 billion, a non-GAAP gross margin of 45.9%, and non-GAAP earnings per share of $1.08, surpassing the midpoint of guidance. The research highlights On Semiconductor‘s success in navigating market dynamics, with a 30% increase in new design wins and growth in silicon and silicon carbide market share. Baptista Research aims to evaluate the various factors influencing the company’s stock price in the near future 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 bright long-term outlook, especially in terms of growth. With a top score of 5 in Growth, the company is positioned well to expand and increase its market presence over time. This indicates a positive trajectory for On Semiconductor in terms of revenue and market share.

Although On Semiconductor scores lower in Dividend at 1, its overall outlook remains steady with scores of 3 in both Value and Resilience, indicating a solid foundation and ability to withstand challenges. Additionally, with a Momentum score of 3, the company shows potential for sustained performance and growth in the future. Overall, On Semiconductor looks to be a promising investment option in the semiconductor industry.

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