Billionaire Ray Dalio is Selling These 4 Tech Stocks in 2024

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1. ON Semiconductor Corporation (NASDAQ:ON)

Number of Hedge Fund Holders: 45

ON Semiconductor Corporation (NASDAQ:ON) shares are down about 14% over the past one year. On Semiconductor shares jumped last month after the company posted Q1 results. Baird analyst Tristan Gerra expects an “L-shaped” recovery at the company following the results and latest outlook. The analyst has a Neutral rating and a $60 price target on ON Semiconductor Corporation (NASDAQ:ON).

Bridgewater Associates cut its stake in ON Semiconductor Corporation (NASDAQ:ON) by a whopping 98% in the first quarter. The fund still owns 10,382 ON shares.

Artisan Partners made the following comment about ON Semiconductor Corporation (NASDAQ:ON) in its Q1 2024 investor letter.

“Among our top detractors were Atlassian, ON Semiconductor Corporation (NASDAQ:ON) and Exact Sciences. ON Semiconductor is a leading designer and manufacturer of chips for power management and image sensing. From a battery-electric vehicle (EV) standpoint, ON is a leading producer of silicon carbide chips. Shares have been under pressure as the company grapples with multiple quarters of inventory right-sizing across the entire auto supply chain and slower-than-expected growth of EV sales. However, ON is seeing smaller sales declines than peers due to market share gains, and we believe the company will be equally well positioned if automakers rebalance their efforts from full EVs toward hybrid vehicles. We remain patient.”

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