ON24 (NYSE:ONTF) Updates Q2 2024 Earnings Guidance

ON24 (NYSE:ONTF - Get Free Report) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.000-0.020 for the period, compared to the consensus EPS estimate of 0.010. The company issued revenue guidance of $35.8 million-$36.8 million, compared to the consensus revenue estimate of $36.2 million. ON24 also updated its FY 2024 guidance to 0.030-0.070 EPS.

ON24 Price Performance

NYSE ONTF traded down $0.29 during trading hours on Wednesday, hitting $6.47. 179,306 shares of the company's stock traded hands, compared to its average volume of 217,867. The firm's 50-day moving average is $6.83 and its 200-day moving average is $7.14. ON24 has a 52-week low of $5.73 and a 52-week high of $9.55. The company has a market capitalization of $270.43 million, a PE ratio of -5.62 and a beta of 0.49.

ON24 (NYSE:ONTF - Get Free Report) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.23) earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.25). ON24 had a negative return on equity of 18.49% and a negative net margin of 31.63%. The company had revenue of $39.34 million for the quarter, compared to analyst estimates of $37.29 million. During the same period last year, the firm posted ($0.23) EPS. Equities research analysts predict that ON24 will post -0.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on ONTF. Canaccord Genuity Group decreased their target price on shares of ON24 from $10.00 to $9.00 and set a hold rating on the stock in a report on Friday, February 23rd. Needham & Company LLC reiterated a hold rating on shares of ON24 in a research report on Wednesday.

Insider Buying and Selling at ON24

In other news, CFO Steven Vattuone sold 10,376 shares of ON24 stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $8.15, for a total value of $84,564.40. Following the completion of the sale, the chief financial officer now directly owns 396,398 shares of the company's stock, valued at $3,230,643.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Steven Vattuone sold 10,376 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $8.15, for a total value of $84,564.40. Following the completion of the transaction, the chief financial officer now owns 396,398 shares of the company's stock, valued at $3,230,643.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CRO James Blackie sold 17,899 shares of ON24 stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $8.15, for a total transaction of $145,876.85. Following the completion of the transaction, the executive now owns 286,320 shares of the company's stock, valued at approximately $2,333,508. The disclosure for this sale can be found here. Insiders have sold 88,970 shares of company stock valued at $651,711 over the last 90 days. 27.30% of the stock is owned by insiders.

ON24 Company Profile

ON24, Inc provides a cloud-based intelligent engagement platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Elite, for live and interactive webinar experience; ON24 Breakouts, for live breakout room experience that facilitates networking, collaboration, and interactivity between users; ON24 Forums, for live and interactive experience, which facilitates video-to-video interaction between presenters and audiences; ON24 Go Live, for live and interactive video event experience that enables presenters and attendees to engage face-to-face in real-time; and ON24 Virtual Confrence, for live and large scale managed virtual event experience.