ON24, Inc. (NYSE:ONTF) Short Interest Up 34.9% in February

ON24, Inc. (NYSE:ONTF) was the recipient of a significant growth in short interest in the month of February. As of February 13th, there was short interest totaling 915,458 shares, a growth of 34.9% from the January 29th total of 678,640 shares. Based on an average daily trading volume, of 476,304 shares, the days-to-cover ratio is presently 1.9 days. Currently, 3.2% of the shares of the company are short sold. Currently, 3.2% of the shares of the company are short sold. Based on an average daily trading volume, of 476,304 shares, the days-to-cover ratio is presently 1.9 days.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ONTF. Robert W. Baird raised their price objective on shares of ON24 from $6.00 to $8.10 and gave the company a “neutral” rating in a research report on Friday, January 2nd. Canaccord Genuity Group raised their price target on ON24 from $6.00 to $8.10 and gave the company a “hold” rating in a report on Wednesday, December 31st. Wall Street Zen upgraded ON24 from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ON24 in a research report on Thursday, January 22nd. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $8.10.

ON24 Trading Up 0.1%

ONTF traded up $0.01 during trading on Monday, hitting $8.02. 687,861 shares of the company traded hands, compared to its average volume of 484,349. The company has a market cap of $342.05 million, a PE ratio of -11.79 and a beta of 0.60. The stock’s 50-day simple moving average is $7.71 and its two-hundred day simple moving average is $6.33. ON24 has a 1 year low of $4.35 and a 1 year high of $8.10.

Insider Buying and Selling

In other ON24 news, insider Sharat Sharan sold 50,332 shares of the firm’s stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $7.97, for a total transaction of $401,146.04. Following the sale, the insider owned 3,622,559 shares in the company, valued at approximately $28,871,795.23. This trade represents a 1.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Steven Vattuone sold 80,000 shares of ON24 stock in a transaction that occurred on Tuesday, December 30th. The shares were sold at an average price of $7.98, for a total transaction of $638,400.00. Following the transaction, the chief financial officer directly owned 452,654 shares in the company, valued at $3,612,178.92. This represents a 15.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 255,600 shares of company stock valued at $1,881,367 in the last 90 days. Corporate insiders own 33.00% of the company’s stock.

Hedge Funds Weigh In On ON24

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Trexquant Investment LP increased its stake in ON24 by 1.0% in the 4th quarter. Trexquant Investment LP now owns 156,670 shares of the company’s stock worth $1,247,000 after acquiring an additional 1,489 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of ON24 by 1.7% in the fourth quarter. AQR Capital Management LLC now owns 112,146 shares of the company’s stock valued at $893,000 after purchasing an additional 1,908 shares in the last quarter. MetLife Investment Management LLC increased its position in ON24 by 17.0% in the fourth quarter. MetLife Investment Management LLC now owns 17,696 shares of the company’s stock worth $141,000 after purchasing an additional 2,575 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in ON24 by 22.1% during the third quarter. Public Employees Retirement System of Ohio now owns 14,942 shares of the company’s stock valued at $85,000 after purchasing an additional 2,700 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in ON24 by 139.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,852 shares of the company’s stock valued at $39,000 after purchasing an additional 2,825 shares in the last quarter. 83.93% of the stock is owned by institutional investors.

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.