Onity Group Inc. (NYSE:ONIT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Onity Group Inc. (NYSE:ONIT) has been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $54.00.

ONIT has been the topic of several research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Onity Group from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, May 8th. Wall Street Zen downgraded Onity Group from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Weiss Ratings lowered Onity Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. BTIG Research dropped their price target on Onity Group from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, June 16th. Finally, Texas Capital upgraded Onity Group to a “strong-buy” rating in a research report on Wednesday, June 10th.

Hedge Funds Weigh In On Onity Group

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

Onity Group Stock Down 0.0%

ONIT stock opened at $38.95 on Friday. The firm has a market cap of $328.31 million, a price-to-earnings ratio of 2.01 and a beta of 1.43. Onity Group has a 1-year low of $33.22 and a 1-year high of $54.10. The firm has a fifty day moving average price of $37.88 and a two-hundred day moving average price of $41.69. 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 (NYSE:ONIT) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.37 by ($1.63). Onity Group had a return on equity of 9.10% and a net margin of 15.75%.The business had revenue of $278.00 million during the quarter, compared to the consensus estimate of $290.10 million.

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.