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

Onsemi (NASDAQ:ON - Get Free Report) was the target of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 34,930,000 shares, an increase of 28.5% from the April 30th total of 27,180,000 shares. Currently, 8.4% of the company's stock are short sold. Based on an average daily volume of 10,410,000 shares, the short-interest ratio is presently 3.4 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Truvestments Capital LLC grew its position in Onsemi by 3.8% in the fourth quarter. Truvestments Capital LLC now owns 5,661 shares of the semiconductor company's stock worth $357,000 after acquiring an additional 207 shares in the last quarter. Assetmark Inc. grew its position in Onsemi by 0.3% in the fourth quarter. Assetmark Inc. now owns 78,495 shares of the semiconductor company's stock worth $4,949,000 after acquiring an additional 235 shares in the last quarter. V Square Quantitative Management LLC grew its position in Onsemi by 3.9% in the fourth quarter. V Square Quantitative Management LLC now owns 6,727 shares of the semiconductor company's stock worth $424,000 after acquiring an additional 252 shares in the last quarter. Huntington National Bank grew its position in Onsemi by 8.9% in the fourth quarter. Huntington National Bank now owns 3,310 shares of the semiconductor company's stock worth $209,000 after acquiring an additional 271 shares in the last quarter. Finally, Elequin Capital LP grew its position in Onsemi by 108.3% in the fourth quarter. Elequin Capital LP now owns 527 shares of the semiconductor company's stock worth $33,000 after acquiring an additional 274 shares in the last quarter. Hedge funds and other institutional investors own 97.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on ON shares. B. Riley downgraded Onsemi from a "buy" rating to a "neutral" rating and set a $41.00 target price on the stock. in a research note on Thursday, April 24th. Roth Capital set a $60.00 target price on Onsemi in a research note on Friday, March 7th. Needham & Company LLC cut their target price on Onsemi from $57.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Susquehanna dropped their price target on Onsemi from $70.00 to $60.00 and set a "positive" rating on the stock in a research note on Tuesday, February 11th. Finally, Benchmark dropped their price target on Onsemi from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Onsemi currently has an average rating of "Moderate Buy" and an average price target of $54.12.

Onsemi Price Performance

Shares of ON stock traded down $0.40 during trading hours on Thursday, hitting $49.88. The stock had a trading volume of 5,868,104 shares, compared to its average volume of 10,250,653. Onsemi has a one year low of $31.04 and a one year high of $80.08. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.06 and a quick ratio of 3.38. The stock's 50-day moving average price is $39.78 and its two-hundred day moving average price is $50.74. The stock has a market capitalization of $20.85 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 16.74 and a beta of 1.39.

Onsemi (NASDAQ:ON - Get Free Report) last issued its earnings results on Monday, May 5th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.04. The firm had revenue of $1.45 billion for the quarter, compared to analysts' expectations of $1.40 billion. Onsemi had a return on equity of 20.10% and a net margin of 22.21%. The business's revenue was down 22.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.08 earnings per share. Equities analysts forecast that Onsemi will post 2.6 EPS for the current year.

About Onsemi

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.