Rosenblatt analysts downgrades a Neutral rating for ON Semiconductor Corporation (ON)


ON Semiconductor Corporation’s recent filing unveils that its Director Yan Christine Y unloaded Company’s shares for reported $0.33 million on Aug 17. In the deal valued at $92.16 per share,3,624 shares were sold. As a result of this transaction, Yan Christine Y now holds 38,532 shares worth roughly $ 3.83 million.

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Then, KEETON SIMON sold 9,923 shares, generating $1,088,950 in total proceeds. Upon selling the shares at $109.74, the EVP & GM, PSG now owns 175,616 shares.

Before that, El-Khoury Hassane sold 20,000 shares. ON Semiconductor Corporation shares valued at $2,100,000 were divested by the CEO & President at a price of $105.00 per share. As a result of the transaction, El-Khoury Hassane now holds 531,388 shares, worth roughly $52.82 million.

Rosenblatt downgraded its ON Semiconductor Corporation [ON] rating to a Neutral from a a Buy in a research note published on Friday. PT values the company’s stock at a premium of -4.63 to its Friday closing price.

Price Performance Review of ON

On Friday, ON Semiconductor Corporation [NASDAQ:ON] saw its stock jump 0.95% to $99.40. On the same session, the stock had its day’s lowest price of $97.745, but rose to a high of $99.85. Over the last five days, the stock has gained 7.67%. ON Semiconductor Corporation shares have risen nearly 59.37% since the year began. Nevertheless, the stocks have risen 44.54% over the past one year. While a 52-week high of $111.35 was reached on 07/31/23, a 52-week low of $54.93 was recorded on 01/05/23. SMA at 50 days reached $97.19, while 200 days put it at $81.77. A total of 3.23 million shares were traded, compared to the trading of 5.8 million shares in the previous session.

Levels Of Support And Resistance For ON Stock

The 24-hour chart illustrates a support level at 98.15, which if violated will result in even more drops to 96.89. On the upside, there is a resistance level at 100.25. A further resistance level may holdings at 101.10. The Relative Strength Index (RSI) on the 14-day chart is 56.65, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 4.93, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 7.63%. Stochastics %K at 90.40% indicates the stock is a selling.

How much short interest is there in ON Semiconductor Corporation?

A steep rise in short interest was recorded in ON Semiconductor Corporation stocks on Aug 14, 2023, dropping by -3.71 million shares to a total of 25.51 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 29.22 million shares. There was a decline of -14.54%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 8.93% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.96.

ON Semiconductor Corporation [ON] – Who Are The Largest Shareholders?

In filings from Fidelity Management & Research Co, it is revealed that the company now owns 52,941,906 shares, or roughly 12.26% of the outstanding ON shares. In other words, the investor’s shares have fallen by -375,327 from its previous 13-F filing of 53317233.0. Additionally, The Vanguard Group, Inc. decreased -0.04% of its stake after which the total value it holdings stand at $5,214,381,846, while BlackRock Fund Advisors reduced -1.88% of its stake to hold $2.85 billion in the firm. Over the last quarter, SSgA Funds Management, Inc. purchased 292,768 shares of ON Semiconductor Corporation, while Janus Henderson Investors US LLC bought -2,839,303 shares. At present, Artisan Partners LP is holding 12,360,250 shares valued at $1.33 billion. Wellington Management Co. LLP owned 9,993,891 shares of the company at the time of its most recent 13F filing, worth $1.08 billion.

According to FactSet, ON Semiconductor Corporation’s share price will average $121.15 in the next year, based on opinions of analysts polled by the firm. This is up nearly 23.91 percent from its previous closing price of $98.46. Analysts expect ON Semiconductor Corporation stock to reach the higher price of $135.00, while the lowest price estimate is $100.00. However, 30 analysts have rated ON stock as an Overweight in their predictions for 2023.


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