Onity Group (NYSE:ONIT) Shares Break Below 50 Day Moving Average - Time to Sell?

Key Points

• Onity Group shares fell below their 50-day moving average of $29.68 on Wednesday, reaching an intraday low of $28.03 and last trading at $28.138.
• Analyst views are mixed, but MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $50. BTIG cut its target to $45 while maintaining a Buy rating.
• The company has a market capitalization of about $230 million and a P/E ratio of 2.03; institutional investors and hedge funds own 70.16% of its shares.

Onity Group Inc. (NYSE:ONIT - Get Free Report)'s share price passed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $29.68 and traded as low as $28.03. Onity Group shares last traded at $28.1380, with a volume of 72,393 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ONIT. BTIG Research lowered their price objective on shares of Onity Group from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, October 12th. Wall Street Zen upgraded shares of Onity Group from a "strong sell" rating to a "sell" rating in a research report on Monday, November 2nd. Keefe, Bruyette & Woods decreased their target price on shares of Onity Group from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 12th. Finally, Weiss Ratings upgraded shares of Onity Group from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $50.00.

Onity Group Stock Performance

The company has a quick ratio of 16.60, a current ratio of 25.66 and a debt-to-equity ratio of 9.41. The company's 50 day moving average is $29.68 and its 200-day moving average is $37.13. The firm has a market capitalization of $229.89 million, a P/E ratio of 2.03 and a beta of 1.48.

Institutional Trading of Onity Group

Several hedge funds have recently bought and sold shares of the business. State of Wyoming bought a new stake in Onity Group during the 1st quarter worth approximately $126,000. Hillsdale Investment Management Inc. purchased a new stake in Onity Group during the first quarter worth about $357,000. Pale Fire Capital SE raised its holdings in shares of Onity Group by 43.9% in the 1st quarter. Pale Fire Capital SE now owns 9,833 shares of the company's stock worth $386,000 after purchasing an additional 3,000 shares during the period. Ieq Capital LLC lifted its position in shares of Onity Group by 155.0% during the 3rd quarter. Ieq Capital LLC now owns 17,746 shares of the company's stock valued at $503,000 after buying an additional 10,788 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in Onity Group by 3.3% during 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. Institutional investors and hedge funds own 70.16% of the company's stock.

About Onity Group

Onity Group is a non-bank financial services company focused on residential mortgage servicing and lending. Its services include mortgage servicing and subservicing for investors and other institutions, as well as mortgage origination for borrowers. The company operates through brands including PHH Mortgage and Liberty Reverse Mortgage. PHH provides servicing and lending services, while Liberty focuses on reverse mortgage products. Onity Group was formerly known as Ocwen Financial Corporation and adopted its current name in 2024.

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