onsemi falls 5% as chip-sector volatility and recent company updates weigh on sentiment

ON Semiconductor (ON) is down 5.0% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears tied to renewed volatility across semiconductor and AI-adjacent stocks, with investors de-risking after a sharp late-week sector selloff driven by interest-rate worries and elevated expectations. In ON’s case, recent company updates (including a sizable convertible-notes financing and an executive transition disclosure) may have added to near-term caution even without a single, fresh headline today.

Details:

The semiconductor group has been swinging sharply after a broad, chip-led market drawdown late last week that was linked to rate expectations and a reassessment of AI-driven valuations.

onsemi disclosed the pricing of a $1.3 billion private offering of 0% convertible senior notes in early May, a type of financing that can create near-term supply/hedging pressure in the stock.

In a May 18 SEC filing, onsemi discussed an ongoing transition related to the former Group President of its Power Solutions Group and the company’s May 14 annual meeting.

onsemi’s most recent quarterly update included a second-quarter outlook framework, keeping investor focus on the pace of recovery in key end markets such as automotive and industrial.

Sources:

onsemi Investor Relations (press release), U.S. SEC (Form 8-K), Axios

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$ON Insider Trading Activity

$ON insiders have traded $ON stock on the open market 12 times in the past 6 months. Of those trades, 0 have been purchases and 12 have been sales.

Here’s a breakdown of recent trading of $ON stock by insiders over the last 6 months:

TRENT THAD (Exec VP & CFO) has made 0 purchases and 7 sales selling 150,000 shares for an estimated $12,462,975.
SIMON KEETON (Group President, PSG) has made 0 purchases and 2 sales selling 48,860 shares for an estimated $3,505,698.
HASSANE EL-KHOURY (CEO & President) has made 0 purchases and 2 sales selling 20,000 shares for an estimated $1,460,414.
SUDHIR GOPALSWAMY (Group President, AMG & ISG) sold 6,114 shares for an estimated $358,708

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.

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$ON Hedge Fund Activity

We have seen 413 institutional investors add shares of $ON stock to their portfolio, and 443 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

JPMORGAN CHASE & CO removed 7,372,836 shares (-48.8%) from their portfolio in Q4 2025, for an estimated $399,239,069
CAPITAL INTERNATIONAL INVESTORS removed 4,249,967 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $230,135,713
JANUS HENDERSON GROUP PLC removed 2,847,757 shares (-18.7%) from their portfolio in Q4 2025, for an estimated $154,206,041
SLATE PATH CAPITAL LP removed 2,681,400 shares (-25.6%) from their portfolio in Q1 2026, for an estimated $166,032,288
MILLENNIUM MANAGEMENT LLC removed 2,107,388 shares (-89.7%) from their portfolio in Q1 2026, for an estimated $130,489,464
SACHEM HEAD CAPITAL MANAGEMENT LP added 1,945,000 shares (+inf%) to their portfolio in Q1 2026, for an estimated $120,434,400
VOLORIDGE INVESTMENT MANAGEMENT, LLC removed 1,936,917 shares (-63.9%) from their portfolio in Q1 2026, for an estimated $119,933,900

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$ON Price Targets

Multiple analysts have issued price targets for $ON recently. We have seen 20 analysts offer price targets for $ON in the last 6 months, with a median target of $100.0.

Here are some recent targets:

Vijay Rakesh from Mizuho set a target price of $150.0 on 05/28/2026
Vivek Arya from B of A Securities set a target price of $138.0 on 05/26/2026
Matthew Prisco from Cantor Fitzgerald set a target price of $100.0 on 05/13/2026
Tom O'Malley from Barclays set a target price of $100.0 on 05/06/2026
Atif Malik from Citigroup set a target price of $100.0 on 05/06/2026
Tristan Gerra from Baird set a target price of $100.0 on 05/05/2026
Harlan Sur from JP Morgan set a target price of $100.0 on 05/05/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.