5 Undervalued Semiconductor Stocks To Buy According to Hedge Funds

4. ON Semiconductor Corporation (NASDAQ:ON)

Number of Hedge Fund Holders: 45

P/E Ratio: 14.9

Mizuho analysts hold a Buy rating and $92 price target on ON Semiconductor Corporation (NASDAQ:ON) as of February 6.

At the end of the fourth quarter, 45 hedge funds held stakes in ON Semiconductor Corporation (NASDAQ:ON), with a total stake value of $885.1 million.

ON Semiconductor Corporation (NASDAQ:ON) offers intelligent sensing and power solutions to enable the electrification of the automotive industry and is one of the best cheap semiconductor stocks to buy. It is based in Scottsdale, Arizona.

Scout Investments, Inc mentioned ON Semiconductor Corporation (NASDAQ:ON) in its fourth-quarter 2023 investor letter:

“Finally, ON Semiconductor Corporation (NASDAQ:ON) rounded out the losers; it suffered from a generally weak semiconductor market, and a glut of electric vehicles at U.S. auto dealers raised concerns over excess semiconductor inventory in the distribution channel, which hurt sentiment on the stock.”

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