Deep-pocketed investors have adopted a bearish approach towards ON Semiconductor (NASDAQ:ON), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in ON usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for ON Semiconductor. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 5 are puts, totaling $274,737, and 3 are calls, amounting to $863,765.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $55.0 to $85.0 for ON Semiconductor during the past quarter.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for ON Semiconductor options trades today is 1208.0 with a total volume of 4,415.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for ON Semiconductor's big money trades within a strike price range of $55.0 to $85.0 over the last 30 days.
ON Semiconductor Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ON | CALL | TRADE | BEARISH | 09/20/24 | $7.35 | $7.25 | $7.25 | $70.00 | $797.5K | 1.9K | 1.1K |
| ON | PUT | SWEEP | BEARISH | 07/26/24 | $2.63 | $2.57 | $2.63 | $75.00 | $129.3K | 2.5K | 532 |
| ON | PUT | SWEEP | BULLISH | 01/17/25 | $13.0 | $12.85 | $12.85 | $80.00 | $55.2K | 1.5K | 49 |
| ON | CALL | TRADE | BEARISH | 01/17/25 | $19.65 | $19.5 | $19.5 | $55.00 | $39.0K | 59 | 21 |
| ON | PUT | SWEEP | BULLISH | 07/26/24 | $3.95 | $3.6 | $3.6 | $75.00 | $32.0K | 2.5K | 1.4K |
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.
Following our analysis of the options activities associated with ON Semiconductor, we pivot to a closer look at the company's own performance.
Present Market Standing of ON Semiconductor
- With a volume of 3,493,460, the price of ON is down -3.44% at $70.86.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 5 days.
What Analysts Are Saying About ON Semiconductor
In the last month, 4 experts released ratings on this stock with an average target price of $80.5.
- In a cautious move, an analyst from Morgan Stanley downgraded its rating to Underweight, setting a price target of $65.
- Consistent in their evaluation, an analyst from Keybanc keeps a Overweight rating on ON Semiconductor with a target price of $85.
- An analyst from Susquehanna persists with their Positive rating on ON Semiconductor, maintaining a target price of $95.
- In a cautious move, an analyst from Citigroup downgraded its rating to Neutral, setting a price target of $77.
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.