Onity Group Inc. (NYSE:ONIT) Sees Large Growth in Short Interest

Onity Group Inc. (NYSE:ONIT) was the recipient of a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 135,178 shares, a growth of 20.4% from the February 26th total of 112,289 shares. Currently, 1.7% of the company’s stock are sold short. Based on an average daily trading volume, of 65,142 shares, the short-interest ratio is currently 2.1 days.

Institutional Investors Weigh In On Onity Group

A number of large investors have recently added to or reduced their stakes in ONIT. CWM LLC lifted its holdings in Onity Group by 60.3% during the 4th quarter. CWM LLC now owns 758 shares of the company’s stock valued at $35,000 after purchasing an additional 285 shares during the last quarter. State Street Corp raised its position in shares of 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 purchasing an additional 362 shares during the period. First Trust Advisors LP raised its position in shares of Onity Group by 2.5% in the fourth quarter. First Trust Advisors LP now owns 20,128 shares of the company’s stock valued at $922,000 after purchasing an additional 498 shares during the period. Geode Capital Management LLC lifted its stake in shares of 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 buying an additional 837 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Onity Group by 23.2% during the 3rd quarter. Bank of America Corp DE now owns 5,027 shares of the company’s stock worth $201,000 after buying an additional 945 shares during the period. Institutional investors own 70.16% of the company’s stock.

Onity Group Stock Performance

NYSE ONIT traded up $0.91 on Tuesday, hitting $39.45. 45,196 shares of the stock were exchanged, compared to its average volume of 73,734. The company has a market capitalization of $336.13 million, a PE ratio of 1.86 and a beta of 1.56. The company has a debt-to-equity ratio of 18.86, a current ratio of 35.55 and a quick ratio of 35.55. The business’s fifty day moving average is $42.30 and its 200 day moving average is $42.41. Onity Group has a 52 week low of $25.50 and a 52 week high of $54.10.

Onity Group (NYSE:ONIT) last issued its earnings results on Thursday, February 12th. The company reported $14.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $11.78. The company had revenue of $280.00 million for the quarter, compared to analysts’ expectations of $285.60 million. Onity Group had a net margin of 17.76% and a return on equity of 15.84%. Research analysts anticipate that Onity Group will post 10.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ONIT. Weiss Ratings reiterated a “hold (c)” rating on shares of Onity Group in a report on Thursday, January 22nd. Keefe, Bruyette & Woods raised shares of Onity Group from a “moderate buy” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. BTIG Research upped their target price on shares of Onity Group from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Finally, Wall Street Zen upgraded Onity Group from a “hold” rating to a “buy” rating in a report on Saturday, March 14th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Onity Group has an average rating of “Moderate Buy” and a consensus price target of $58.33.

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.