ON24, Inc. (NYSE:ONTF) Short Interest Up 18.3% in February

ON24, Inc. (NYSE:ONTF) was the recipient of a large increase in short interest during the month of February. As of February 27th, there was short interest totaling 1,082,679 shares, an increase of 18.3% from the February 12th total of 915,458 shares. Based on an average daily trading volume, of 523,904 shares, the days-to-cover ratio is currently 2.1 days. Currently, 3.8% of the company’s stock are sold short. Currently, 3.8% of the company’s stock are sold short. Based on an average daily trading volume, of 523,904 shares, the days-to-cover ratio is currently 2.1 days.

ON24 Stock Performance

Shares of NYSE ONTF traded up $0.02 during trading on Tuesday, reaching $8.07. The stock had a trading volume of 517,306 shares, compared to its average volume of 561,416. The company has a market cap of $345.75 million, a P/E ratio of -11.86 and a beta of 0.60. ON24 has a fifty-two week low of $4.35 and a fifty-two week high of $8.10. The business’s 50-day moving average price is $7.98 and its 200-day moving average price is $6.55.

ON24 (NYSE:ONTF) last posted its earnings results on Wednesday, February 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.03. The firm had revenue of $34.64 million for the quarter, compared to analyst estimates of $33.99 million. ON24 had a negative return on equity of 16.62% and a negative net margin of 20.71%. Analysts forecast that ON24 will post -0.81 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ONTF. Weiss Ratings restated a “sell (d-)” rating on shares of ON24 in a research report on Thursday, January 22nd. Robert W. Baird increased their price target on ON24 from $6.00 to $8.10 and gave the stock a “neutral” rating in a research report on Friday, January 2nd. Finally, Canaccord Genuity Group lifted their price objective on ON24 from $6.00 to $8.10 and gave the company a “hold” rating in a research note on Wednesday, December 31st. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $8.10.

Insiders Place Their Bets

In other ON24 news, insider Jayesh Sahasi sold 34,753 shares of the stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $7.98, for a total value of $277,328.94. Following the completion of the sale, the insider directly owned 672,527 shares in the company, valued at approximately $5,366,765.46. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Steven Vattuone sold 80,000 shares of the firm’s stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $7.98, for a total value of $638,400.00. Following the completion of the sale, the chief financial officer directly owned 452,654 shares of the company’s stock, valued at approximately $3,612,178.92. This represents a 15.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 284,208 shares of company stock valued at $2,228,092. 33.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ON24

Hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its stake in shares of ON24 by 139.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,852 shares of the company’s stock worth $39,000 after acquiring an additional 2,825 shares in the last quarter. Meteora Capital LLC acquired a new stake in shares of ON24 in the fourth quarter valued at $48,000. Mercer Global Advisors Inc. ADV acquired a new stake in shares of ON24 in the third quarter valued at $60,000. Dynamic Technology Lab Private Ltd purchased a new position in ON24 in the third quarter valued at $61,000. Finally, PNC Financial Services Group Inc. grew its stake in ON24 by 132.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,614 shares of the company’s stock worth $61,000 after purchasing an additional 4,334 shares in the last quarter. 83.93% of the stock is currently owned by institutional investors and hedge funds.

About ON24

ON24, Inc (NYSE: ONTF) is a cloud-based digital experience platform that enables organizations to create, manage and optimize virtual events, webinars and multimedia content. The company’s technology is designed to facilitate interactive, data-driven engagement between enterprises and their audiences, supporting demand generation, lead nurturing, corporate communications and training initiatives.

At the core of ON24’s offering is its webinar and virtual event solution, which provides live and on-demand webcasting, attendee interaction tools and real-time analytics.