Onity Group Inc. (NYSE:ONIT) Sees Large Increase in Short Interest

Onity Group Inc. (NYSE:ONIT) was the target of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 135,178 shares, an increase of 20.4% from the February 26th total of 112,289 shares. Based on an average daily volume of 65,142 shares, the short-interest ratio is currently 2.1 days. Approximately 1.7% of the shares of the company are short sold.

Institutional Trading of Onity Group

Several institutional investors and hedge funds have recently bought and sold shares of ONIT. Dimensional Fund Advisors LP grew its position in shares of Onity Group by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 439,058 shares of the company’s stock valued at $20,105,000 after purchasing an additional 3,137 shares in the last quarter. Oaktree Capital Management LP purchased a new stake in shares of Onity Group in the fourth quarter worth $17,896,000. Vanguard Group Inc. raised its position in shares of Onity Group by 1.0% in the third quarter. Vanguard Group Inc. now owns 339,620 shares of the company’s stock worth $13,571,000 after buying an additional 3,473 shares in the last quarter. Wellington Management Group LLP boosted its stake in Onity Group by 18.3% during the fourth quarter. Wellington Management Group LLP now owns 307,000 shares of the company’s stock valued at $14,058,000 after buying an additional 47,500 shares during the period. Finally, Prescott Group Capital Management L.L.C. grew its position in Onity Group by 29.2% during the fourth quarter. Prescott Group Capital Management L.L.C. now owns 212,585 shares of the company’s stock worth $9,734,000 after buying an additional 47,992 shares in the last quarter. 70.16% of the stock is currently owned by hedge funds and other institutional investors.

Onity Group Stock Performance

ONIT traded up $0.09 on Wednesday, hitting $39.36. The company’s stock had a trading volume of 14,600 shares, compared to its average volume of 72,742. Onity Group has a 12 month low of $25.50 and a 12 month high of $54.10. The firm has a market cap of $335.31 million, a P/E ratio of 1.86 and a beta of 1.56. The company has a quick ratio of 35.55, a current ratio of 35.55 and a debt-to-equity ratio of 18.86. The company’s 50 day simple moving average is $42.30 and its 200-day simple moving average is $42.41.

Onity Group (NYSE:ONIT) last issued its earnings results on Thursday, February 12th. The company reported $14.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $11.78. Onity Group had a net margin of 17.76% and a return on equity of 15.84%. The business had revenue of $280.00 million for the quarter, compared to analysts’ expectations of $285.60 million. Analysts forecast that Onity Group will post 10.51 EPS for the current year.

Wall Street Analyst Weigh In

ONIT has been the subject of a number of recent research reports. Wall Street Zen raised Onity Group from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. BTIG Research upped their price target on Onity Group from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Keefe, Bruyette & Woods upgraded Onity Group from a “moderate buy” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Onity Group in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $58.33.

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.