5 Undervalued Mid Cap Stocks To Buy

3. ON Semiconductor Corporation (NASDAQ:ON)

Share Price Upside: 32%

ON Semiconductor Corporation (NASDAQ:ON) is an American semiconductor manufacturer that sells sensors, power management chips, and other products. Even as the consumer arm of the chip sector struggles to resolve a historic glut, the firm announced new products in October 2023 that are aimed toward industrial use by improving security camera performance.

As of June 2023, 55 out of the 910 hedge funds tracked by Insider Monkey had invested in ON Semiconductor Corporation (NASDAQ:ON). D. E. Shaw’s D E Shaw is the largest shareholder among these as it owns $204 million worth of shares.

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