Onto Innovation Inc. (NYSE:ONTO) Sees Large Growth in Short Interest

Onto Innovation Inc. (NYSE:ONTOGet Rating) saw a large increase in short interest in May. As of May 31st, there was short interest totalling 1,170,000 shares, an increase of 37.4% from the May 15th total of 851,400 shares. Currently, 2.4% of the shares of the stock are sold short. Based on an average daily volume of 274,900 shares, the short-interest ratio is currently 4.3 days.

Several equities analysts have recently weighed in on ONTO shares. Needham & Company LLC reduced their price objective on shares of Onto Innovation from $115.00 to $100.00 in a research report on Wednesday, May 4th. B. Riley reduced their price objective on shares of Onto Innovation from $115.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, StockNews.com initiated coverage on shares of Onto Innovation in a report on Thursday, March 31st. They issued a “buy” rating for the company.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Pitcairn Co. raised its position in Onto Innovation by 1.7% during the fourth quarter. Pitcairn Co. now owns 8,163 shares of the semiconductor company’s stock valued at $826,000 after acquiring an additional 140 shares in the last quarter. First Horizon Advisors Inc. raised its position in Onto Innovation by 19.0% during the fourth quarter. First Horizon Advisors Inc. now owns 1,022 shares of the semiconductor company’s stock valued at $103,000 after acquiring an additional 163 shares in the last quarter. Mutual of America Capital Management LLC raised its position in shares of Onto Innovation by 2.5% in the fourth quarter. Mutual of America Capital Management LLC now owns 6,733 shares of the semiconductor company’s stock valued at $682,000 after purchasing an additional 164 shares during the period. Quadrant Capital Group LLC raised its position in shares of Onto Innovation by 78.6% in the fourth quarter. Quadrant Capital Group LLC now owns 384 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 169 shares during the period. Finally, FourThought Financial LLC raised its position in shares of Onto Innovation by 19.7% in the first quarter. FourThought Financial LLC now owns 1,144 shares of the semiconductor company’s stock valued at $99,000 after purchasing an additional 188 shares during the period. 94.34% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE ONTO traded up $0.27 during mid-day trading on Friday, reaching $68.48. The company had a trading volume of 5,629 shares, compared to its average volume of 230,192. The stock has a fifty day moving average of $74.03 and a two-hundred day moving average of $84.70. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 19.77 and a beta of 1.27. Onto Innovation has a 12-month low of $62.15 and a 12-month high of $106.09.

Onto Innovation (NYSE:ONTOGet Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.15. The business had revenue of $241.35 million during the quarter, compared to analyst estimates of $232.00 million. Onto Innovation had a net margin of 19.93% and a return on equity of 15.81%. The firm’s revenue was up 42.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.73 earnings per share. Research analysts expect that Onto Innovation will post 5.16 earnings per share for the current year.

About Onto Innovation (Get Rating)

Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs macro defect inspection and 2D/3D optical metrology, lithography systems, and process control analytical software worldwide. It offers process and yield management solutions, and device packaging and test facilities through standalone systems for macro-defect inspection, packaging lithography, probe card test and analysis, and transparent and opaque thin film measurements; and process control software portfolio that includes solutions for standalone tools, groups of tools, and enterprise-or factory-wide suites.

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