Short Interest in ON24, Inc. (NYSE:ONTF) Increases By 18.3%

ON24, Inc. (NYSE:ONTF) was the target of a significant growth in short interest in the month of February. As of February 27th, there was short interest totaling 1,082,679 shares, a growth of 18.3% from the February 12th total of 915,458 shares. Based on an average trading volume of 523,904 shares, the short-interest ratio is currently 2.1 days. Approximately 3.8% of the shares of the company are sold short. Approximately 3.8% of the shares of the company are sold short. Based on an average trading volume of 523,904 shares, the short-interest ratio is currently 2.1 days.

Wall Street Analysts Forecast Growth

ONTF has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ON24 in a research note on Thursday, January 22nd. Canaccord Genuity Group boosted 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. Finally, Robert W. Baird increased their target price on shares of ON24 from $6.00 to $8.10 and gave the stock a “neutral” rating in a report on Friday, January 2nd. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $8.10.

ON24 Trading Up 0.2%

Shares of NYSE:ONTF traded up $0.02 on Tuesday, reaching $8.07. The company had a trading volume of 517,306 shares, compared to its average volume of 561,416. The firm has a market capitalization of $345.75 million, a PE ratio of -11.86 and a beta of 0.60. ON24 has a 52-week low of $4.35 and a 52-week high of $8.10. The firm’s 50 day simple moving average is $7.98 and its 200-day simple moving average is $6.55.

ON24 (NYSE:ONTF) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.03. ON24 had a negative return on equity of 16.62% and a negative net margin of 20.71%.The firm had revenue of $34.64 million during the quarter, compared to analysts’ expectations of $33.99 million. As a group, equities research analysts predict that ON24 will post -0.81 earnings per share for the current year.

Insider Buying and Selling at ON24

In related news, insider Jayesh Sahasi sold 34,753 shares of the firm’s stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $7.98, for a total value of $277,328.94. Following the transaction, the insider directly owned 672,527 shares of the company’s stock, valued at approximately $5,366,765.46. This trade represents a 4.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO James Blackie sold 20,277 shares of ON24 stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $8.01, for a total value of $162,418.77. Following the transaction, the executive owned 484,052 shares in the company, valued at $3,877,256.52. This trade represents a 4.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 284,208 shares of company stock worth $2,228,092. 33.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV lifted its position in ON24 by 43.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 15,023 shares of the company’s stock valued at $120,000 after acquiring an additional 4,584 shares during the last quarter. XTX Topco Ltd grew its holdings in ON24 by 262.5% in the fourth quarter. XTX Topco Ltd now owns 75,166 shares of the company’s stock worth $598,000 after purchasing an additional 54,429 shares during the last quarter. Occudo Quantitative Strategies LP increased its position in shares of ON24 by 25.4% during the fourth quarter. Occudo Quantitative Strategies LP now owns 24,443 shares of the company’s stock worth $195,000 after purchasing an additional 4,944 shares in the last quarter. Millennium Management LLC increased its position in shares of ON24 by 101.4% during the fourth quarter. Millennium Management LLC now owns 61,762 shares of the company’s stock worth $492,000 after purchasing an additional 31,089 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of ON24 during the 4th quarter valued at $149,000. Hedge funds and other institutional investors own 83.93% of the company’s stock.

ON24 Company Profile

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.