Onity Group (NYSE:ONIT) Downgraded to "Strong Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Onity Group to “Strong Sell” from “Sell,” although other analysts remain more positive; MarketBeat reports a consensus “Moderate Buy” rating and a $54 price target.
• Onity shares opened at $39.37, with a 52-week range of $33.00 to $54.10 and a market capitalization of approximately $331.9 million.
• The company reported a quarterly loss of $1.53 per share, missing the $0.95 consensus estimate by $2.48, despite revenue of $281 million exceeding expectations.

Onity Group (NYSE:ONIT - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Saturday.

Several other equities research analysts also recently commented on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Onity Group from $60.00 to $58.00 and set an "outperform" rating for the company in a research note on Friday, May 8th. BTIG Research cut their target price on Onity Group from $60.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, June 16th. Weiss Ratings restated a "hold (c)" rating on shares of Onity Group in a research note on Wednesday. Finally, Texas Capital raised Onity Group to a "strong-buy" rating in a research report on Wednesday, June 10th. 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 stock. According to data from MarketBeat.com, Onity Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.00.

Onity Group Stock Performance

Shares of Onity Group stock opened at $39.37 on Friday. The firm has a market capitalization of $331.89 million, a P/E ratio of 2.54 and a beta of 1.46. The company has a quick ratio of 46.07, a current ratio of 46.07 and a debt-to-equity ratio of 19.46. The company has a 50 day moving average price of $38.05 and a 200 day moving average price of $40.38. Onity Group has a 52 week low of $33.00 and a 52 week high of $54.10.

Onity Group (NYSE:ONIT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($1.53) earnings per share for the quarter, missing the consensus estimate of $0.95 by ($2.48). Onity Group had a return on equity of 8.35% and a net margin of 12.34%.The company had revenue of $281.00 million for the quarter, compared to analysts' expectations of $272.45 million.

Institutional Trading of Onity Group

Several large investors have recently made changes to their positions in the business. CWM LLC raised its holdings in shares of Onity Group by 60.3% during the fourth quarter. CWM LLC now owns 758 shares of the company's stock worth $35,000 after purchasing an additional 285 shares during the last quarter. State Street Corp boosted its holdings in Onity Group by 0.3% in the fourth quarter. State Street Corp now owns 128,906 shares of the company's stock valued at $5,903,000 after purchasing an additional 362 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in Onity Group by 3.3% in the first quarter. Quantinno Capital Management LP now owns 15,254 shares of the company's stock valued at $599,000 after purchasing an additional 491 shares during the last quarter. First Trust Advisors LP grew its position in Onity Group by 2.5% during the 4th quarter. First Trust Advisors LP now owns 20,128 shares of the company's stock worth $922,000 after purchasing an additional 498 shares during the period. Finally, Geode Capital Management LLC grew its position in Onity Group by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 150,832 shares of the company's stock worth $6,908,000 after purchasing an additional 837 shares during the period. 70.16% of the stock is owned by hedge funds and other institutional investors.

Onity Group Company Profile

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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