Onity Group (NYSE:ONIT) Upgraded to Sell at Wall Street Zen

Onity Group (NYSE:ONIT) was upgraded by analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued to investors on Saturday.

ONIT has been the topic of several other research reports. 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 note on Tuesday, June 16th. Texas Capital raised shares of Onity Group to a “strong-buy” rating in a research report on Wednesday, June 10th. Keefe, Bruyette & Woods reduced their target price on shares of Onity Group from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, May 8th. Finally, Weiss Ratings downgraded shares of Onity Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Onity Group Stock Performance

ONIT opened at $39.41 on Friday. The company has a market capitalization of $332.35 million, a price-to-earnings ratio of 2.03 and a beta of 1.43. The business’s 50-day moving average price is $37.33 and its two-hundred day moving average price is $41.13. Onity Group has a 1 year low of $33.22 and a 1 year high of $54.10. The company has a debt-to-equity ratio of 19.46, a current ratio of 46.07 and a quick ratio of 46.07.

Onity Group (NYSE:ONIT) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.74 earnings per share for the quarter, missing the consensus estimate of $2.37 by ($1.63). The firm had revenue of $278.00 million for the quarter, compared to analyst estimates of $290.10 million. Onity Group had a return on equity of 9.10% and a net margin of 15.75%.

Institutional Investors Weigh In On Onity Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE raised its stake in Onity Group by 120.4% in the first quarter. Bank of America Corp DE now owns 16,734 shares of the company’s stock valued at $657,000 after purchasing an additional 9,142 shares in the last quarter. Quantinno Capital Management LP grew its stake in Onity Group by 3.3% during the first quarter. Quantinno Capital Management LP now owns 15,254 shares of the company’s stock worth $599,000 after buying an additional 491 shares in the last quarter. Pale Fire Capital SE increased its holdings in Onity Group by 43.9% in the 1st quarter. Pale Fire Capital SE now owns 9,833 shares of the company’s stock valued at $386,000 after buying an additional 3,000 shares during the period. State of Wyoming acquired a new position in shares of Onity Group in the 1st quarter valued at approximately $126,000. Finally, First Trust Advisors LP raised its position in shares of Onity Group by 6.4% in the 1st quarter. First Trust Advisors LP now owns 21,408 shares of the company’s stock valued at $841,000 after buying an additional 1,280 shares in the last quarter. 70.16% of the stock is currently owned by institutional investors and hedge funds.

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.