Onto Innovation

Onto Innovation (ONTO.US) experienced a sharp intraday decline, hitting $312.88 at 11:01 AM ET, a 10.95% drop, reversing from a pre-market high of $366.98. The sell-off was triggered by profit-taking after last week's strong earnings and lingering pressure from the $1.3 billion convertible note offering announced two days prior. While Q1 2026 revenue rose 9.51% YoY to $291.9 million, net profit fell 47.34% to $33.75 million, yet the net profit margin improved to 11.56%, prompting an analyst price target hike to $371. The stock fell below its 20-day moving average of $316.04, 19.04% off its 52-week high, though still up 88.63% YTD. However, it rebounded to $353.30 in after-hours trading as of 11:56 PM ET, indicating ongoing volatility.