10 Most Oversold S&P 500 Stocks in 2024

6) ON Semiconductor Corporation (NASDAQ:ON)

% Decline In 1 Year: ~36.5%

Number of Hedge Fund Holders: 45

ON Semiconductor Corporation (NASDAQ:ON) offers intelligent sensing and power solutions in the US and internationally.  The company’s stock has been subject to softness in demand trends and inventory adjustments by the customers. During H1 2024, the dependency of revenue on automotive products, and lower industrial revenue (because of lower industrial activity and inventory buildup) further contributed to the decline in stock price. However, ON Semiconductor Corporation (NASDAQ:ON) remains focused on maintaining its financial discipline, streamlining its operations, and continuing to deliver high-value, differentiated intelligent power and sensing solutions.

The company has announced that it has completed its acquisition of the Silicon Carbide Junction Field-Effect Transistor (SiC JFET) technology business, including the United Silicon Carbide subsidiary, from Qorvo for $115 million. The addition of SiC JFET technology is expected to complement ON Semiconductor Corporation (NASDAQ:ON)’s extensive EliteSiC power portfolio and enable it to address the need for high energy efficiency and power density in the AC-DC stage in power supply units for AI data centers.