Movement Alert｜Onto Innovation Inc. Falls 5.11% in Regular Trading, Large Rigaku Stake Acquisition Triggers Profit-Taking

Market Focus08-11

On August 11, Onto Innovation Inc. declined 5.11% in regular trading, trading around $291.77 per share, with turnover of approximately $297 million.

On the news front, the company announced the closing of its acquisition of a 27% equity stake in Rigaku from Carlyle affiliate Atom Investment for 113.08 billion Japanese yen. The deal aims to boost collaboration in developing X-ray technologies for semiconductor manufacturing applications. Onto Innovation stated it will account for the investment under the fair value option method and will not consolidate Rigaku's results.

Market participants expressed divergent views on the capital allocation efficiency of this large minority stake investment. Additionally, following Q2 adjusted EPS of $1.93 (beating the $1.68 consensus by nearly 15%) and revenue of $343.1 million (above the $325.3 million estimate), shares had already accumulated gains exceeding 14%, intensifying profit-taking pressure. Morgan Stanley recently raised its price target to $383 from $371 while maintaining an Overweight rating.

Within the Semiconductor Equipment sector, Applied Materials fell 3.13%, KLA Corporation fell 2.62%, and Lam Research fell 1.52%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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