ON24, Inc. (NYSE:ONTF) Sees Significant Increase in Short Interest

ON24, Inc. (NYSE:ONTF - Get Free Report) was the recipient of a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 601,200 shares, an increase of 31.7% from the May 15th total of 456,500 shares. Based on an average trading volume of 155,400 shares, the short-interest ratio is presently 3.9 days. Approximately 1.7% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. lowered their target price on ON24 from $7.00 to $6.00 and set a "neutral" rating on the stock in a report on Wednesday, February 26th. Robert W. Baird lowered their target price on ON24 from $7.00 to $5.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Canaccord Genuity Group lowered their target price on ON24 from $9.00 to $5.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. Needham & Company LLC reiterated a "hold" rating on shares of ON24 in a report on Wednesday, February 26th. Finally, William Blair restated a "market perform" rating on shares of ON24 in a report on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, ON24 currently has a consensus rating of "Hold" and a consensus price target of $5.33.

Insider Buying and Selling at ON24

In related news, insider Sharat Sharan sold 39,196 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $5.23, for a total value of $204,995.08. Following the completion of the transaction, the insider now directly owns 3,164,092 shares of the company's stock, valued at $16,548,201.16. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Lake Lp Lynrock acquired 47,692 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was purchased at an average cost of $5.57 per share, with a total value of $265,644.44. Following the completion of the purchase, the insider now directly owns 8,212,732 shares in the company, valued at $45,744,917.24. This represents a 0.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 461,546 shares of company stock valued at $2,547,766 and sold 157,491 shares valued at $854,668. 33.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its position in shares of ON24 by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,071 shares of the company's stock worth $1,842,000 after acquiring an additional 2,189 shares during the last quarter. AQR Capital Management LLC increased its position in shares of ON24 by 15.9% during the first quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock worth $113,000 after acquiring an additional 2,989 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of ON24 by 25.6% during the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock worth $112,000 after acquiring an additional 3,518 shares during the last quarter. Squarepoint Ops LLC increased its position in shares of ON24 by 56.6% during the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock worth $102,000 after acquiring an additional 5,713 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of ON24 by 3.9% during the first quarter. Goldman Sachs Group Inc. now owns 188,836 shares of the company's stock worth $982,000 after acquiring an additional 7,139 shares during the last quarter. 83.93% of the stock is owned by hedge funds and other institutional investors.

ON24 Stock Performance

Shares of ONTF traded down $0.05 during trading hours on Tuesday, hitting $5.34. The stock had a trading volume of 199,373 shares, compared to its average volume of 138,999. The firm has a market cap of $226.79 million, a P/E ratio of -5.56 and a beta of 0.66. The company's fifty day simple moving average is $5.10 and its 200 day simple moving average is $5.83. ON24 has a 12-month low of $4.35 and a 12-month high of $7.04.

ON24 declared that its board has approved a stock repurchase plan on Monday, May 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 22.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

About ON24

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.

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