Onity Group (NYSE:ONIT) Stock Rating Upgraded by Keefe, Bruyette & Woods

Onity Group (NYSE:ONIT) was upgraded by equities research analysts at Keefe, Bruyette & Woods from a “moderate buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other research firms have also recently commented on ONIT. Wall Street Zen raised shares of Onity Group from a “hold” rating to a “buy” rating in a report on Saturday, January 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Onity Group in a research note on Thursday, January 22nd. Finally, BTIG Research increased their price target on Onity Group from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. One 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 issued a Sell rating to the stock. According to data from MarketBeat, Onity Group has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

Onity Group Price Performance

NYSE ONIT traded down $1.24 on Wednesday, hitting $41.69. 19,014 shares of the company’s stock were exchanged, compared to its average volume of 79,976. Onity Group has a 52 week low of $25.50 and a 52 week high of $54.10. The stock has a 50-day moving average of $46.30 and a 200-day moving average of $42.70. The company has a current ratio of 35.55, a quick ratio of 38.90 and a debt-to-equity ratio of 18.86. The stock has a market cap of $355.22 million, a price-to-earnings ratio of 1.97 and a beta of 1.56.

Hedge Funds Weigh In On Onity Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Oaktree Capital Management LP acquired a new position in shares of Onity Group in the 4th quarter worth approximately $17,896,000. Wellington Management Group LLP bought a new stake in Onity Group during the third quarter valued at $10,370,000. JPMorgan Chase & Co. boosted its position in Onity Group by 585.2% during the second quarter. JPMorgan Chase & Co. now owns 128,210 shares of the company’s stock valued at $4,894,000 after acquiring an additional 109,498 shares during the last quarter. Franklin Resources Inc. acquired a new stake in Onity Group during the 3rd quarter worth about $2,742,000. Finally, Prescott Group Capital Management L.L.C. raised its position in shares of Onity Group by 29.2% in the 4th quarter. Prescott Group Capital Management L.L.C. now owns 212,585 shares of the company’s stock worth $9,734,000 after acquiring an additional 47,992 shares in the last quarter. 70.16% of the stock is 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.