Onity Group (NYSE:ONIT) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded Onity Group (NYSE:ONIT) from a Buy to a Hold; analyst sentiment remains mixed (KBW upgraded to Strong-Buy, BTIG kept a Buy and raised its price target to $60) and the MarketBeat consensus is a Moderate Buy with an average price target of $58.33.
• Onity posted a huge quarterly beat with $14.24 EPS vs. $2.46 expected and $280.0M in revenue (slightly below estimates); the stock trades at a PE of 2.25, has a $407.1M market cap, and about 70% of shares are institutionally owned.

Onity Group (NYSE:ONIT - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

Several other research analysts have also commented on ONIT. Keefe, Bruyette & Woods raised shares of Onity Group from a "moderate buy" rating to a "strong-buy" rating in a report on Wednesday, February 18th. Weiss Ratings raised shares of Onity Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, April 22nd. Finally, BTIG Research lifted their price objective on shares of Onity Group from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $58.33.

Onity Group Trading Up 3.6%

NYSE ONIT opened at $47.67 on Friday. Onity Group has a one year low of $35.47 and a one year high of $54.10. The company has a 50-day simple moving average of $41.50 and a 200-day simple moving average of $42.94. The company has a debt-to-equity ratio of 18.86, a quick ratio of 35.55 and a current ratio of 35.55. The firm has a market capitalization of $407.14 million, a PE ratio of 2.25 and a beta of 1.56.

Onity Group (NYSE:ONIT - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The company reported $14.24 EPS for the quarter, beating the consensus estimate of $2.46 by $11.78. Onity Group had a net margin of 17.76% and a return on equity of 15.84%. The business had revenue of $280.00 million during the quarter, compared to analyst estimates of $285.60 million.

Institutional Trading of Onity Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its position in shares of Onity Group by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 439,058 shares of the company's stock worth $20,105,000 after buying an additional 3,137 shares in the last quarter. Oaktree Capital Management LP bought a new stake in shares of Onity Group during the 4th quarter worth about $17,896,000. Vanguard Group Inc. raised its holdings in shares of Onity Group by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 339,620 shares of the company's stock worth $13,571,000 after purchasing an additional 3,473 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Onity Group by 18.3% in the 4th quarter. Wellington Management Group LLP now owns 307,000 shares of the company's stock worth $14,058,000 after purchasing an additional 47,500 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. raised its holdings in shares of Onity Group by 29.2% in the 4th quarter. Prescott Group Capital Management L.L.C. now owns 212,585 shares of the company's stock worth $9,734,000 after purchasing an additional 47,992 shares in the last quarter. 70.16% of the stock is currently owned by institutional investors.

About Onity Group

Onity Group, listed on the New York Stock Exchange under the ticker ONIT, is a technology company specializing in enterprise operations management software. Its platform is designed to help legal, finance, human resources and corporate services teams automate and streamline mission-critical workflows. Leveraging artificial intelligence and no-code automation tools, Onity's solutions aim to reduce manual processes, improve visibility and ensure compliance across complex organizational structures.

The company's flagship offerings include contract lifecycle management, matter management, e-billing and spend management, as well as enterprise deal management.

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