5 Best Stocks For Day Trading

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1. ON Semiconductor Corporation (NASDAQ:ON)

Number of Hedge Fund Holders: 44

52-Week Range: $23.86-$55.57

Semiconductor stocks have been very volatile lately because of the uncertainty in chip prices. ON Semiconductor Corporation (NASDAQ:ON), a chipmaker based in Arizona, has largely benefited from this, posting market-beating earnings in the third quarter as chip prices touch record highs. On November 1, the company reported earnings per share of $0.87 for the third quarter, beating predictions by $0.13. The revenue over the period was $1.7 billion, beating estimates by $30 million. 

Bank of America analyst Vivek Arya has a Buy rating on ON Semiconductor Corporation (NASDAQ:ON) stock with a price target of $60. Arya identifies “newfound pricing power and supply discipline” of chipmakers as the reason behind the positive outlook.

At the end of the second quarter of 2021, 44 hedge funds in the database of Insider Monkey held stakes worth $1 billion in ON Semiconductor Corporation (NASDAQ:ON), up from 41 in the previous quarter worth $1.2 billion.

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