Onity Group (NYSE:ONIT) Stock Rating Upgraded by Wall Street Zen

Onity Group (NYSE:ONIT) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

A number of other equities research analysts have also commented on ONIT. Weiss Ratings reiterated a “hold (c)” rating on shares of Onity Group in a report on Wednesday, October 8th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Onity Group in a research note on Thursday, December 18th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Onity Group currently has a consensus rating of “Hold” and a consensus price target of $57.50.

Onity Group Stock Performance

Onity Group stock opened at $52.96 on Friday. Onity Group has a fifty-two week low of $25.50 and a fifty-two week high of $54.10. The company has a debt-to-equity ratio of 22.41, a quick ratio of 38.90 and a current ratio of 38.90. The stock has a market cap of $426.82 million, a P/E ratio of 16.05 and a beta of 1.59. The firm’s fifty day moving average price is $44.88 and its 200-day moving average price is $41.35.

Onity Group (NYSE:ONIT) last issued its earnings results on Thursday, November 6th. The company reported $3.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $1.52. Onity Group had a return on equity of 17.81% and a net margin of 3.41%.The business had revenue of $265.00 million during the quarter, compared to analyst estimates of $257.77 million. On average, equities research analysts expect that Onity Group will post 10.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Onity Group

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in Onity Group by 1.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 435,921 shares of the company’s stock valued at $17,420,000 after acquiring an additional 5,766 shares during the period. Vanguard Group Inc. raised its holdings in shares of Onity Group by 1.0% during the third quarter. Vanguard Group Inc. now owns 339,620 shares of the company’s stock valued at $13,571,000 after purchasing an additional 3,473 shares during the last quarter. Wellington Management Group LLP bought a new position in Onity Group during the third quarter valued at approximately $10,370,000. Geode Capital Management LLC boosted its holdings in Onity Group by 6.3% in the second quarter. Geode Capital Management LLC now owns 148,257 shares of the company’s stock worth $5,660,000 after purchasing an additional 8,748 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Onity Group by 585.2% in the second quarter. JPMorgan Chase & Co. now owns 128,210 shares of the company’s stock worth $4,894,000 after purchasing an additional 109,498 shares during the last quarter. 70.16% of the stock is owned by institutional investors.

Onity Group Company Profile

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.