ON24, Inc. (NYSE:ONTF) Short Interest Down 69.5% in August

ON24, Inc. (NYSE:ONTF) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 635,300 shares, a decline of 69.5% from the August 15th total of 2,080,000 shares. Based on an average daily trading volume, of 795,600 shares, the days-to-cover ratio is currently 0.8 days. Approximately 2.1% of the shares of the company are short sold.

ONTF traded down $0.34 during midday trading on Thursday, reaching $20.46. 645,646 shares of the company’s stock traded hands, compared to its average volume of 521,586. The firm has a fifty day moving average of $28.38 and a two-hundred day moving average of $37.53. The stock has a market capitalization of $954.48 million and a price-to-earnings ratio of 15.98. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.86 and a quick ratio of 3.86. ON24 has a 52 week low of $19.30 and a 52 week high of $81.98.

ON24 (NYSE:ONTF) last released its quarterly earnings results on Tuesday, August 10th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.18. The business had revenue of $52.10 million for the quarter, compared to the consensus estimate of $51.06 million. During the same period in the previous year, the company earned $0.69 EPS. The company’s revenue for the quarter was up 43.4% on a year-over-year basis. Sell-side analysts forecast that ON24 will post -0.62 EPS for the current year.

In other ON24 news, major shareholder Presidio Management Group Vii sold 31,250 shares of the business’s stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $21.20, for a total value of $662,500.00. Following the sale, the insider now directly owns 312 shares in the company, valued at $6,614.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Barry Zwarenstein acquired 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 20th. The shares were bought at an average price of $20.45 per share, for a total transaction of $511,250.00. Following the completion of the purchase, the director now owns 42,500 shares in the company, valued at approximately $869,125. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 655,612 shares of company stock worth $14,498,727.

Large investors have recently made changes to their positions in the company. Citigroup Inc. purchased a new stake in shares of ON24 in the 1st quarter worth approximately $28,000. Royal Bank of Canada purchased a new stake in shares of ON24 in the 1st quarter worth approximately $73,000. UBS Group AG purchased a new stake in shares of ON24 in the 1st quarter worth approximately $93,000. Advisory Services Network LLC purchased a new stake in shares of ON24 in the 2nd quarter worth approximately $131,000. Finally, HighTower Advisors LLC purchased a new stake in shares of ON24 in the 1st quarter worth approximately $202,000. 40.02% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts recently commented on ONTF shares. KeyCorp reduced their target price on ON24 from $57.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, August 11th. Canaccord Genuity cut ON24 from a “buy” rating to a “hold” rating and reduced their target price for the stock from $45.00 to $30.00 in a research report on Wednesday, August 11th. Robert W. Baird reduced their target price on ON24 from $70.00 to $38.00 and set an “outperform” rating for the company in a research report on Wednesday, August 11th. Needham & Company LLC reduced their target price on ON24 from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 11th. Finally, Zacks Investment Research upgraded ON24 from a “sell” rating to a “hold” rating in a report on Wednesday, July 14th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $48.29.

About ON24

ON24, Inc provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Experience products, such as ON24 Elite, a live and interactive webinar experience; ON24 Virtual Environment, a live and large scale virtual event experience; ON24 Engagement Hub, a rich multimedia content experience; and ON24 Target, a personalized and curated rich multimedia content experience, as well as solutions, including ON24 Intelligence, an analytics backbone that captures first-person data to power the insights, benchmarking, reporting, and artificial intelligence and machine learning engine; and ON24 Connect, an ecosystem of third-party application integrations.

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