Brokerages Set Onity Group Inc. (NYSE:ONIT) Target Price at $54.00

Shares of Onity Group Inc. (NYSE:ONIT) have been given an average recommendation of “Moderate Buy” by the five ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $54.00.

Several research firms have issued reports on ONIT. Texas Capital upgraded shares of Onity Group to a “strong-buy” rating in a research report on Wednesday, June 10th. Keefe, Bruyette & Woods cut their price objective 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. Weiss Ratings lowered Onity Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. BTIG Research decreased their target price on Onity Group from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, June 16th. Finally, Wall Street Zen raised Onity Group from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th.

Hedge Funds Weigh In On Onity Group

Institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its holdings in Onity Group by 120.4% during the 1st quarter. Bank of America Corp DE now owns 16,734 shares of the company’s stock worth $657,000 after buying an additional 9,142 shares during the period. Quantinno Capital Management LP lifted its stake in Onity Group by 3.3% during the first quarter. Quantinno Capital Management LP now owns 15,254 shares of the company’s stock valued at $599,000 after buying an additional 491 shares in the last quarter. Pale Fire Capital SE boosted its holdings in shares of Onity Group by 43.9% in the first quarter. Pale Fire Capital SE now owns 9,833 shares of the company’s stock worth $386,000 after buying an additional 3,000 shares during the period. State of Wyoming acquired a new position in shares of Onity Group in the first quarter worth about $126,000. Finally, First Trust Advisors LP increased its position in shares of Onity Group by 6.4% in the first quarter. First Trust Advisors LP now owns 21,408 shares of the company’s stock worth $841,000 after acquiring an additional 1,280 shares in the last quarter. Hedge funds and other institutional investors own 70.16% of the company’s stock.

Onity Group Stock Performance

Shares of ONIT opened at $37.89 on Thursday. The firm’s 50 day moving average is $37.92 and its 200-day moving average is $40.50. The stock has a market capitalization of $319.51 million, a P/E ratio of 1.95 and a beta of 1.46. The company has a debt-to-equity ratio of 19.46, a current ratio of 46.07 and a quick ratio of 46.07. Onity Group has a 12-month low of $33.22 and a 12-month high of $54.10.

Onity Group (NYSE:ONIT) last released 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 business had revenue of $281.00 million for the quarter, compared to analyst estimates of $272.45 million. Onity Group had a net margin of 15.75% and a return on equity of 9.10%.

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.