Keefe, Bruyette & Woods Lowers Onity Group (NYSE:ONIT) Price Target to $55.00

Onity Group (NYSE:ONIT) had its target price dropped by Keefe, Bruyette & Woods from $58.00 to $55.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 42.19% from the stock’s current price.

ONIT has been the subject of a number of other research reports. BTIG Research cut their price target on Onity Group from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, June 16th. Weiss Ratings restated a “hold (c)” rating on shares of Onity Group in a report on Wednesday, August 5th. Texas Capital raised Onity Group to a “strong-buy” rating in a research report on Wednesday, June 10th. Finally, Wall Street Zen downgraded Onity Group from a “sell” rating to a “strong sell” rating in a report on Saturday. One investment 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 stock has a consensus rating of “Moderate Buy” and an average target price of $52.50.

Onity Group Stock Down 1.4%

NYSE ONIT traded down $0.54 during mid-day trading on Wednesday, hitting $38.68. The company’s stock had a trading volume of 16,163 shares, compared to its average volume of 71,932. The company’s 50 day simple moving average is $38.19 and its 200 day simple moving average is $40.12. Onity Group has a twelve month low of $33.00 and a twelve 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 firm has a market capitalization of $323.13 million, a price-to-earnings ratio of 2.50 and a beta of 1.46.

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

Institutional Trading of Onity Group

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp bought a new stake in Onity Group during the second quarter worth $1,062,000. Bank of America Corp DE boosted its position in Onity Group by 120.4% in the first quarter. Bank of America Corp DE now owns 16,734 shares of the company’s stock worth $657,000 after purchasing an additional 9,142 shares during the last quarter. Quantinno Capital Management LP grew its stake in Onity Group by 3.3% in 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 increased its position in shares of 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 last quarter. Finally, State of Wyoming purchased a new stake in shares of Onity Group during the 1st quarter valued at $126,000. 70.16% of the stock is owned by hedge funds and other institutional investors.

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.