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

Onity Group Inc. (NYSE:ONIT) saw a significant growth in short interest in May. As of May 15th, there was short interest totaling 246,282 shares, a growth of 73.3% from the April 30th total of 142,130 shares. Currently, 3.3% of the company’s stock are sold short. Based on an average trading volume of 102,607 shares, the short-interest ratio is presently 2.4 days.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Onity Group from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Weiss Ratings downgraded shares of Onity Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. BTIG Research raised their price target on shares of Onity Group from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Onity Group from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Onity Group presently has a consensus rating of “Hold” and an average target price of $57.67.

Onity Group Stock Performance

ONIT stock traded up $3.00 on Tuesday, hitting $36.86. The company had a trading volume of 140,222 shares, compared to its average volume of 83,871. Onity Group has a 12-month low of $33.22 and a 12-month high of $54.10. The company has a current ratio of 46.07, a quick ratio of 46.07 and a debt-to-equity ratio of 19.46. The stock’s 50-day simple moving average is $39.84 and its 200 day simple moving average is $42.73. The stock has a market cap of $310.73 million, a price-to-earnings ratio of 1.90 and a beta of 1.45.

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

Institutional Investors Weigh In On Onity Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWM LLC boosted its holdings in Onity Group by 60.3% in the fourth quarter. CWM LLC now owns 758 shares of the company’s stock worth $35,000 after purchasing an additional 285 shares during the last quarter. AlphaQuest LLC purchased a new stake in Onity Group in the third quarter worth approximately $77,000. State of Wyoming purchased a new stake in Onity Group in the second quarter worth approximately $119,000. BNP Paribas Financial Markets boosted its holdings in Onity Group by 367.2% in the second quarter. BNP Paribas Financial Markets now owns 3,163 shares of the company’s stock worth $121,000 after purchasing an additional 2,486 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in Onity Group in the second quarter worth approximately $184,000. Hedge funds and other institutional investors own 70.16% of the company’s stock.

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.