Short Interest in ON24, Inc. (NYSE:ONTF) Increases By 31.7%

ON24, Inc. (NYSE:ONTF - Get Free Report) saw a large increase in short interest in 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 daily volume of 155,400 shares, the short-interest ratio is presently 3.9 days. Currently, 1.7% of the company's shares are sold short.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at ON24

In related news, insider Sharat Sharan sold 37,527 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $5.39, for a total value of $202,270.53. Following the sale, the insider now directly owns 3,237,384 shares in the company, valued at $17,449,499.76. This trade represents a 1.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Lake Lp Lynrock purchased 32,519 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was purchased at an average price of $5.67 per share, for a total transaction of $184,382.73. Following the completion of the transaction, the insider now directly owns 8,010,766 shares in the company, valued at $45,421,043.22. This trade represents a 0.41% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 461,546 shares of company stock worth $2,547,766 and have sold 191,322 shares worth $1,036,943. Corporate insiders own 33.00% of the company's stock.

Hedge Funds Weigh In On ON24

Hedge funds and other institutional investors have recently made changes to their positions in the company. Squarepoint Ops LLC grew its stake in shares of ON24 by 56.6% in the fourth quarter. Squarepoint Ops LLC now owns 15,804 shares of the company's stock valued at $102,000 after buying an additional 5,713 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of ON24 by 25.6% in the fourth quarter. Wells Fargo & Company MN now owns 17,270 shares of the company's stock valued at $112,000 after buying an additional 3,518 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of ON24 by 15.9% in the first quarter. AQR Capital Management LLC now owns 21,741 shares of the company's stock valued at $113,000 after buying an additional 2,989 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in ON24 during the 4th quarter valued at $175,000. Finally, American Century Companies Inc. lifted its holdings in ON24 by 39.2% during the 4th quarter. American Century Companies Inc. now owns 31,162 shares of the company's stock valued at $201,000 after purchasing an additional 8,776 shares during the last quarter. 83.93% of the stock is owned by institutional investors.

ON24 Stock Down 1.2%

Shares of NYSE:ONTF traded down $0.07 during midday trading on Friday, hitting $5.31. The stock had a trading volume of 352,960 shares, compared to its average volume of 139,550. ON24 has a 12 month low of $4.35 and a 12 month high of $7.04. The business's 50-day simple moving average is $5.14 and its 200-day simple moving average is $5.81. The company has a market cap of $225.30 million, a P/E ratio of -5.53 and a beta of 0.66.

ON24 declared that its board has authorized a stock repurchase plan on Monday, May 12th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits 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 management believes its shares are undervalued.

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.