Onity Group Inc. (NYSE:ONIT) Short Interest Up 73.3% in May

Onity Group Inc. (NYSE:ONIT) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totaling 246,282 shares, a growth of 73.3% from the April 30th total of 142,130 shares. Based on an average daily trading volume, of 102,607 shares, the short-interest ratio is presently 2.4 days. Currently, 3.3% of the company’s shares are short sold.

Onity Group Stock Performance

Shares of ONIT stock traded up $0.80 during mid-day trading on Thursday, hitting $36.35. 6,963 shares of the stock were exchanged, compared to its average volume of 73,921. The stock’s fifty day simple moving average is $39.78 and its two-hundred day simple moving average is $42.64. The company has a debt-to-equity ratio of 19.46, a quick ratio of 46.07 and a current ratio of 46.07. Onity Group has a 12-month low of $33.22 and a 12-month high of $54.10. The stock has a market capitalization of $306.39 million, a price-to-earnings ratio of 1.87 and a beta of 1.45.

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

Institutional Investors Weigh In On Onity Group

A number of hedge funds have recently bought and sold shares of ONIT. Dimensional Fund Advisors LP increased its stake in Onity Group by 5.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 464,448 shares of the company’s stock worth $18,238,000 after purchasing an additional 25,390 shares in the last quarter. Oaktree Capital Management LP bought a new position in shares of Onity Group in the 4th quarter worth about $17,896,000. Vanguard Group Inc. grew its stake in Onity Group by 1.0% during the third quarter. Vanguard Group Inc. now owns 339,620 shares of the company’s stock worth $13,571,000 after purchasing an additional 3,473 shares during the period. Wellington Management Group LLP increased its stake in shares of Onity Group by 18.3% in the 4th quarter. Wellington Management Group LLP now owns 307,000 shares of the company’s stock valued at $14,058,000 after acquiring an additional 47,500 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. raised its holdings in shares of Onity Group by 29.2% during the fourth quarter. Prescott Group Capital Management L.L.C. now owns 212,585 shares of the company’s stock valued at $9,734,000 after purchasing an additional 47,992 shares during the period. Institutional investors and hedge funds own 70.16% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on ONIT. Keefe, Bruyette & Woods reduced their price target on Onity Group from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Wall Street Zen cut Onity Group from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. BTIG Research upped their price objective on Onity Group from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Finally, Weiss Ratings cut Onity Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $57.67.

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.