ON Semiconductor's Options Frenzy: What You Need to Know

Author: Benzinga Insights | April 22, 2024 03:01pm

Financial giants have made a conspicuous bullish move on ON Semiconductor. Our analysis of options history for ON Semiconductor (NASDAQ:ON) revealed 13 unusual trades.

Delving into the details, we found 46% of traders were bullish, while 46% showed bearish tendencies. Out of all the trades we spotted, 11 were puts, with a value of $398,498, and 2 were calls, valued at $57,495.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $40.0 to $75.0 for ON Semiconductor over the last 3 months.

Volume & Open Interest Trends

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in ON Semiconductor's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to ON Semiconductor's substantial trades, within a strike price spectrum from $40.0 to $75.0 over the preceding 30 days.

ON Semiconductor Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
ON	PUT	SWEEP	BULLISH	05/17/24	$4.6	$4.5	$4.5	$62.00	$58.9K	0	131
ON	PUT	SWEEP	BEARISH	07/19/24	$4.75	$4.7	$4.7	$60.00	$54.5K	1.5K	853
ON	PUT	SWEEP	BEARISH	04/26/24	$1.41	$1.41	$1.41	$60.00	$41.4K	2.6K	2
ON	PUT	SWEEP	NEUTRAL	06/20/25	$4.0	$3.8	$4.0	$45.00	$37.0K	122	174
ON	PUT	SWEEP	BEARISH	01/16/26	$3.8	$3.75	$3.8	$40.00	$34.9K	24	119

About ON Semiconductor

Onsemi is a supplier of power semiconductors and sensors focused on the automotive and industrial markets. Onsemi is the second-largest power chipmaker in the world and the largest supplier of image sensors to the automotive market. While the firm used to be highly vertically integrated, it now pursues a hybrid manufacturing strategy for flexible capacity. Onsemi is pivoting to focus on emerging applications like electric vehicles, autonomous vehicles, industrial automation, and renewable energy.

After a thorough review of the options trading surrounding ON Semiconductor, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Current Position of ON Semiconductor

• Currently trading with a volume of 4,184,623, the ON's price is up by 0.64%, now at $61.1.
• RSI readings suggest the stock is currently may be oversold.
• Anticipated earnings release is in 7 days.

Professional Analyst Ratings for ON Semiconductor

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $78.2.

• In a cautious move, an analyst from Evercore ISI Group downgraded its rating to Outperform, setting a price target of $104.
• Maintaining their stance, an analyst from Susquehanna continues to hold a Positive rating for ON Semiconductor, targeting a price of $90.
• In a cautious move, an analyst from Exane BNP Paribas downgraded its rating to Underperform, setting a price target of $55.
• An analyst from Stifel persists with their Hold rating on ON Semiconductor, maintaining a target price of $72.
• An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on ON Semiconductor, which currently sits at a price target of $70.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for ON Semiconductor with Benzinga Pro for real-time alerts.

Posted In: ON