Onity Group (NYSE:ONIT) Stock Price Crosses Below Fifty Day Moving Average – Should You Sell?

Onity Group Inc. (NYSE:ONIT) crossed below its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $29.68 and traded as low as $28.03. Onity Group shares last traded at $28.1380, with a volume of 72,393 shares.

Wall Street Analysts Forecast Growth

ONIT has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reduced their price target on shares of Onity Group from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. Weiss Ratings upgraded shares of Onity Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, November 4th. BTIG Research lowered their price objective on shares of Onity Group from $50.00 to $45.00 and set a “buy” rating for the company in a report on Monday, October 12th. Finally, Wall Street Zen upgraded shares of Onity Group from a “strong sell” rating to a “sell” rating in a report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $50.00.

Onity Group Price Performance

The company has a current ratio of 25.66, a quick ratio of 16.60 and a debt-to-equity ratio of 9.41. The firm has a fifty day moving average of $29.68 and a 200 day moving average of $37.13. The company has a market capitalization of $229.89 million, a P/E ratio of 2.03 and a beta of 1.48.

Institutional Investors Weigh In On Onity Group

Several hedge funds and other institutional investors have recently made changes to their positions in ONIT. Ieq Capital LLC increased its holdings in Onity Group by 155.0% during the third quarter. Ieq Capital LLC now owns 17,746 shares of the company’s stock valued at $503,000 after buying an additional 10,788 shares during the last quarter. Prescott Group Capital Management L.L.C. lifted its holdings in Onity Group by 7.7% in the 3rd quarter. Prescott Group Capital Management L.L.C. now owns 228,991 shares of the company’s stock worth $6,487,000 after purchasing an additional 16,406 shares in the last quarter. Gratia Capital LLC purchased a new position in shares of Onity Group in the second quarter worth $835,000. Pale Fire Capital SE boosted its position in shares of Onity Group by 20.3% during the second quarter. Pale Fire Capital SE now owns 11,833 shares of the company’s stock worth $470,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Onity Group in the 2nd quarter valued at $1,062,000. Hedge funds and other institutional investors own 70.16% of the company’s stock.

About Onity Group

Onity Group is a non-bank financial services company focused on residential mortgage servicing and lending. Its services include mortgage servicing and subservicing for investors and other institutions, as well as mortgage origination for borrowers. The company operates through brands including PHH Mortgage and Liberty Reverse Mortgage. PHH provides servicing and lending services, while Liberty focuses on reverse mortgage products. Onity Group was formerly known as Ocwen Financial Corporation and adopted its current name in 2024.