Stock Picks: Onsemi (ON)

November 2, 2021, 12:06 pm EDT

Onsemi (ON)

A strong earning report from On Semiconductor on onsemi yesterday drove up its stock price continuously after yesterday’s gap-up. Its +222% EPS growth and +32% sales growth are very impressive for the 24 billion market cap semiconductor maker. 

In addition, the acquisition of GT Advanced Technologies gave ON access to the Silicon Carbide SiC-based solutions. Particularly, this technology can apply to the automotive industry for the electric vehicle and charging stations.

Its chart pattern shows a strong gap-up breakout after the 3-month rectangle base. An ideal entry point would be at 54-56 range during pullback process.

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