On June 30, Onto Innovation rose 5.17% in regular trading, reaching $364.86 per share with turnover of $56.34 million. The rally was driven by broad strength across the semiconductor equipment sector combined with oversold rebound momentum following a sustained pullback.
The stock had plunged 5.9% on June 26, extending a roughly 15% cumulative retreat from highs triggered by hedging pressure related to the company's $1.1 billion convertible senior notes offering announced in May. The notes, due 2031, included an option for initial purchasers to acquire an additional $165 million, with proceeds earmarked for capped call transactions, up to $300 million in share repurchases, and a planned 27% equity stake in Rigaku valued at approximately $710 million.
Multiple analysts have highlighted the pullback as a buying opportunity. Morgan Stanley initiated coverage with an Overweight rating and $371 price target, while Oppenheimer expressed increased confidence in fundamental upside. B. Riley also raised its target to $365, maintaining a Buy rating. Among sector peers, Lam Research gained 2.81%, KLA-Tencor 2.70%, ASML 2.61%, and Applied Materials 1.74%, with Onto Innovation notably outperforming the group.
(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.)
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