5 Hot EV Stocks To Buy Now

3. ON Semiconductor Corporation (NASDAQ:ON)

Number of Hedge Fund Holders: 53

Avg Volume: 6.75 million

Headquartered in Arizona, ON Semiconductor Corporation (NASDAQ:ON) is a company specializing in the design, production, and distribution of semiconductors and associated solutions. With a global presence, the company operates 19 manufacturing sites, 43 design centers, and 8 solution engineering centers across multiple countries. Additionally, ON Semiconductor Corporation (NASDAQ:ON) is a key supplier of chips essential to electric vehicles (EVs), extending its reach to encompass vital driver-assistance features like cameras and sensors.

On October 31, ON Semiconductor Corporation (NASDAQ:ON) unveiled its Q3 earnings results, reporting a non-GAAP EPS of $1.39, surpassing analysts’ expectations by $0.05. The company’s revenue reached $2.18 billion, exceeding estimates by $30 million.

As of the end of the September quarter, 53 out of the 910 hedge funds tracked by Insider Monkey had invested in ON Semiconductor Corporation (NASDAQ:ON).

Aristotle Atlantic Partners, LLC mentioned ON Semiconductor Corporation (NASDAQ:ON) in its first quarter 2023 investor letter. Here is what it said:

“ON Semiconductor Corporation (NASDAQ:ON) supplies analog, standard logic and discrete semiconductors for data and power management. The company provides industry leading intelligent sensing and power solutions to help its customers solve the most challenging problems and create cutting edge products for a better future. Its extensive portfolio of sensors, power management, connectivity, custom and SoC, analog, logic, timing and discrete devices helps customers efficiently solve design challenges in advanced electronic systems and products. ON Semiconductor’s devices perform power and signal control, and interface functions appear in a wide range of end-user markets including automotive, communications, computing, consumer, medical, industrial, networking, telecom and aerospace/defense. Most of ON Semiconductor’s sales come from the Asia/Pacific region.

We see ON Semiconductor attractively valued and leveraged to attractive areas of end-market growth over the next few years. The company is gaining both semiconductor content and seeing better pricing tailwinds due to demand exceeding supply and more complex semiconductor content. We see these trends continuing to provide 2023 tailwinds and fully expect strong growth rates in electric vehicle penetration over the next five years.”