Wall Street Zen Downgrades Onity Group (NYSE:ONIT) to Strong Sell

Onity Group (NYSE:ONIT) was downgraded by analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report issued on Saturday.

ONIT has been the topic of a number of other reports. Keefe, Bruyette & Woods reduced 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. BTIG Research dropped their target price on shares of Onity Group from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, June 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Onity Group in a report on Wednesday. Finally, Texas Capital upgraded shares of Onity Group to a “strong-buy” rating in a research report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.00.

Onity Group Stock Performance

NYSE:ONIT opened at $39.37 on Friday. The company has a market cap of $328.74 million, a price-to-earnings ratio of 2.54 and a beta of 1.46. Onity Group has a fifty-two week low of $33.00 and a fifty-two week high of $54.10. The company has a debt-to-equity ratio of 19.46, a quick ratio of 46.07 and a current ratio of 46.07. The stock has a fifty day moving average price of $38.05 and a 200-day moving average price of $40.29.

Onity Group (NYSE:ONIT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($1.53) EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($2.48). The company had revenue of $281.00 million during the quarter, compared to the consensus estimate of $272.45 million. Onity Group had a return on equity of 8.35% and a net margin of 12.34%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. CWM LLC lifted its holdings in shares of Onity Group by 60.3% in the fourth quarter. CWM LLC now owns 758 shares of the company’s stock worth $35,000 after acquiring an additional 285 shares during the last quarter. State of Wyoming bought a new stake in shares of Onity Group during the 2nd quarter valued at approximately $119,000. BNP Paribas Financial Markets increased its position in Onity Group by 367.2% during the 2nd 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 in the last quarter. Brandywine Global Investment Management LLC acquired a new position in Onity Group during the 4th quarter worth approximately $209,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in Onity Group in the 2nd quarter valued at approximately $184,000. Institutional investors and hedge funds 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.