ON Semiconductor Shares Show Heavy Demand

ON Semiconductor Corp. (ON) stock has climbed 34% in 2023. The semiconductor firm could jump more due to heavy demand lifting the shares recently.

On Semiconductor Attracts Big Money

So, what’s Big Money? Said simply, that’s when a stock goes up in price alongside chunky volumes. It’s indicative of institutions betting on the shares.

Smart money managers are always looking for the next hot stock. And ON Semi has many fundamental qualities that are attractive.

This sets up well for the stock going forward. But how the shares have been trading points to more upside. As I’ll show you, the Big Money has been consistent in the shares.

Each green bar signals big trading volumes as the stock ramped in price:

In February alone, the shares attracted 3 unusual buy signals. Generally speaking, recent green bars could mean more upside is ahead.

Now, let’s check out the fundamental action grabbing my attention:

On Semiconductor Fundamental Analysis

Next, it’s a good idea to check under the hood. Meaning, I want to make sure the fundamental story is strong too. As you can see, ON has been growing sales and EPS at a healthy clip. According to FactSet

• 1-year sales growth rate (+23.5%)
• 3-year EPS growth rate (+137.2%)

Marrying great fundamentals with technically superior stocks is a winning recipe over the long-term.

In fact, ON has been a top-rated stock multiple times at my research firm, MAP signals. That means the stock has buy pressure, strong technical, and growing fundamentals. We have a ranking process that showcases stocks like this on a weekly basis.

Let’s wrap up.

On Semiconductor Price Prediction

The ON Semiconductor rally could have further to go. Big Money buying in the shares is signaling to take notice. Shares could be positioned for further upside.

Please note, shares could be extended at these levels given the large accumulation signals.

Disclosure: the author holds no positions in ON at the time of publication.

Learn more about the MAPsignals process here.