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

Wall Street Zen downgraded shares of Onity Group (NYSE:ONIT) from a sell rating to a strong sell rating in a research report released on Saturday.

ONIT has been the subject of several other research reports. 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 report on Friday, May 8th. BTIG Research decreased their target price on shares of Onity Group from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, June 16th. Texas Capital raised shares of Onity Group to a “strong-buy” rating in a report on Wednesday, June 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Onity Group in a research note on Wednesday, August 5th. One equities research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Onity Group Price Performance

Shares of NYSE ONIT opened at $38.45 on Friday. Onity Group has a 1-year low of $33.00 and a 1-year high of $54.10. The business has a 50-day moving average of $38.14 and a 200-day moving average of $40.20. The company has a debt-to-equity ratio of 19.46, a current ratio of 46.07 and a quick ratio of 46.07. The company has a market capitalization of $321.06 million, a price-to-earnings ratio of 2.48 and a beta of 1.46.

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

Institutional Investors Weigh In On Onity Group

Several hedge funds and other institutional investors have recently bought and sold shares of ONIT. CWM LLC increased its stake in shares of Onity Group by 60.3% in the fourth quarter. CWM LLC now owns 758 shares of the company’s stock worth $35,000 after buying an additional 285 shares during the last quarter. State Street Corp raised 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 acquiring an additional 362 shares in the last quarter. Quantinno Capital Management LP boosted its stake in Onity Group by 3.3% during the 1st quarter. Quantinno Capital Management LP now owns 15,254 shares of the company’s stock valued at $599,000 after acquiring an additional 491 shares during the last quarter. First Trust Advisors LP boosted its stake in Onity Group by 2.5% during the 4th quarter. First Trust Advisors LP now owns 20,128 shares of the company’s stock valued at $922,000 after acquiring an additional 498 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings 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 acquiring an additional 837 shares in the last quarter. 70.16% of the stock is currently owned by hedge funds and other 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.