Onity Group Inc. (NYSE:ONIT) Sees Significant Drop in Short Interest

Key Points

• Onity Group Inc. experienced a significant decrease of 28.6% in short interest, dropping from 128,300 shares to 91,600 shares by September 30th.
• Wall Street analysts have mixed views on Onity Group, with price targets ranging from $50.00 to $55.00 and ratings that include "buy," "hold," and "strong sell."
• The company's earnings per share were reported at $1.87 for the last quarter, missing expectations of $2.08, alongside a revenue of $246.60 million against estimates of $252.90 million.

Onity Group Inc. (NYSE:ONIT - Get Free Report) was the recipient of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totaling 91,600 shares, a decrease of 28.6% from the September 15th total of 128,300 shares. Currently, 1.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 46,500 shares, the days-to-cover ratio is presently 2.0 days. Based on an average daily trading volume, of 46,500 shares, the days-to-cover ratio is presently 2.0 days. Currently, 1.4% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Onity Group from $50.00 to $55.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Onity Group in a research note on Wednesday, October 8th. Zacks Research cut shares of Onity Group from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 21st. Finally, Wall Street Zen upgraded shares of Onity Group from a "hold" rating to a "buy" rating in a research report on Friday, September 5th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Onity Group has a consensus rating of "Hold" and an average price target of $50.00.

Onity Group Trading Up 0.3%

NYSE ONIT traded up $0.11 during trading hours on Thursday, hitting $38.11. The company's stock had a trading volume of 44,634 shares, compared to its average volume of 45,994. The stock has a fifty day moving average of $40.46 and a 200 day moving average of $37.76. Onity Group has a twelve month low of $25.50 and a twelve month high of $45.83. The firm has a market capitalization of $307.13 million, a P/E ratio of 9.72 and a beta of 1.49. The company has a quick ratio of 37.90, a current ratio of 37.90 and a debt-to-equity ratio of 23.99.

Onity Group (NYSE:ONIT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $1.87 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.21). Onity Group had a net margin of 3.74% and a return on equity of 18.99%. The business had revenue of $246.60 million during the quarter, compared to analyst estimates of $252.90 million. Equities research analysts forecast that Onity Group will post 10.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Onity Group

Large investors have recently bought and sold shares of the business. American Century Companies Inc. lifted its holdings in Onity Group by 139.9% in the first quarter. American Century Companies Inc. now owns 75,025 shares of the company's stock valued at $2,425,000 after buying an additional 43,755 shares during the period. Long Focus Capital Management LLC increased its stake in Onity Group by 3.8% in the first quarter. Long Focus Capital Management LLC now owns 677,088 shares of the company's stock valued at $21,883,000 after purchasing an additional 25,000 shares in the last quarter. Nuveen LLC bought a new stake in Onity Group in the first quarter valued at approximately $443,000. Russell Investments Group Ltd. increased its stake in Onity Group by 9,153.4% in the first quarter. Russell Investments Group Ltd. now owns 57,371 shares of the company's stock valued at $1,854,000 after purchasing an additional 56,751 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in Onity Group by 206.5% in the first quarter. Acadian Asset Management LLC now owns 41,823 shares of the company's stock valued at $1,351,000 after purchasing an additional 28,178 shares in the last quarter. 70.16% of the stock is currently owned by institutional investors and hedge funds.

Onity Group Company Profile

Onity Group Inc, a financial services company, originates and services mortgage loans in the United States, the United States Virgin Islands, India, and the Philippines. It operates through, Servicing and Originations segments. The company provides commercial forward mortgage loan servicing, reverse mortgage servicing, special servicing, and asset management services for to owners of mortgage loans and foreclosed real estate, as well as residential mortgage loan servicing, such as forward and reverse conventional, government-insured, and non-agency loans, including the reverse mortgage loans classified as loans.

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