BTIG Research Has Lowered Expectations for Onity Group (NYSE:ONIT) Stock Price

Onity Group (NYSE:ONIT) had its target price reduced by equities research analysts at BTIG Research from $60.00 to $50.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price objective would indicate a potential upside of 35.50% from the stock’s previous close.

ONIT has been the subject of a number of other research reports. Weiss Ratings downgraded Onity Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Keefe, Bruyette & Woods reduced their target price on Onity Group from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Texas Capital upgraded Onity Group to a “strong-buy” rating in a report on Wednesday, June 10th. Finally, Wall Street Zen cut Onity Group from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.33.

Onity Group Price Performance

Shares of NYSE:ONIT opened at $36.90 on Tuesday. The company has a market cap of $311.08 million, a P/E ratio of 1.90 and a beta of 1.46. The company has a quick ratio of 46.07, a current ratio of 46.07 and a debt-to-equity ratio of 19.46. Onity Group has a 52 week low of $33.22 and a 52 week high of $54.10. The business has a fifty day simple moving average of $39.50 and a 200-day simple moving average of $42.31.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prescott Group Capital Management L.L.C. lifted its stake 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 worth $9,734,000 after purchasing an additional 47,992 shares in the last quarter. CWM LLC lifted its stake in shares of Onity Group by 60.3% during the fourth quarter. CWM LLC now owns 758 shares of the company’s stock worth $35,000 after purchasing an additional 285 shares in the last quarter. Quantinno Capital Management LP lifted its stake in shares of Onity Group by 3.3% during the first quarter. Quantinno Capital Management LP now owns 15,254 shares of the company’s stock worth $599,000 after purchasing an additional 491 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Onity Group by 6.4% during the first quarter. First Trust Advisors LP now owns 21,408 shares of the company’s stock worth $841,000 after purchasing an additional 1,280 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Onity Group by 5.8% during the first 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. Institutional investors and hedge funds own 70.16% of the company’s stock.

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.