Stock Track | Onto Innovation Shares Plunge Despite Q3 Earnings Beat

Stock Track11-01

Shares of Onto Innovation Inc. (ONTO) plummeted by 5.45% on November 1, 2024, despite the company reporting better-than-expected earnings and revenue for the third quarter of 2024.

According to the earnings report, Onto Innovation posted adjusted earnings per share (EPS) of $1.34 for the quarter ended September 30, surpassing analysts' expectations of $1.32 per share. The company also reported revenue of $252.21 million, up 21.7% year-over-year and slightly above Wall Street's estimate of $250.82 million.

However, the positive earnings results were overshadowed by Needham's decision to lower its price target on Onto Innovation from $245 to $230, while maintaining a "Buy" rating on the stock. The downward revision in the price target may have contributed to the stock's decline, as it could have raised concerns among investors about the company's future growth prospects.

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(ONTO) plummeted by 5.45% on November 1, 2024, despite the company reporting better-than-expected earnings and revenue for the third quarter of 2024.\nAccording to the ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ONTO","symbol_name":"Onto Innovation Inc.","start_time":0,"source_url":"","article_id":"1121893916","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1121893916","pubTimestamp":1730468150,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Onto Innovation Inc.  plummeted by 5.45% on November 1, 2024, despite the company reporting better-than-expected earnings and revenue for the third quarter of 2024.According to the earnings report, Onto Innovation posted adjusted earnings per share  of $1.34 for the quarter ended September 30, surpassing analysts' expectations of $1.32 per share. 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