BTIG Research Has Lowered Expectations for Onity Group (NYSE:ONIT) Stock Price

Onity Group (NYSE:ONIT) had its price objective dropped by stock analysts at BTIG Research from $60.00 to $50.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective suggests a potential upside of 35.50% from the company’s previous close.

Several other analysts have also weighed in on ONIT. Keefe, Bruyette & Woods lowered their target price on Onity Group from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, May 8th. Wall Street Zen lowered Onity Group from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Texas Capital raised Onity Group to a “strong-buy” rating in a report on Wednesday, June 10th. Finally, Weiss Ratings lowered Onity Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.33.

Onity Group Stock Performance

NYSE ONIT opened at $36.90 on Tuesday. The business has a 50 day moving average price of $39.50 and a 200 day moving average price of $42.31. The company has a market capitalization of $311.08 million, a P/E ratio of 1.90 and a beta of 1.46. Onity Group has a 1-year low of $33.22 and a 1-year high of $54.10. The company has a debt-to-equity ratio of 19.46, a current ratio of 46.07 and a quick ratio of 46.07.

Onity Group (NYSE:ONIT) last posted its earnings results on Tuesday, May 5th. The company reported $0.74 earnings per share for the quarter, missing the consensus estimate of $2.37 by ($1.63). The firm had revenue of $278.00 million during the quarter, compared to analyst estimates of $290.10 million. Onity Group had a net margin of 15.75% and a return on equity of 9.10%.

Hedge Funds Weigh In On Onity Group

Several hedge funds have recently bought and sold shares of ONIT. Empowered Funds LLC increased its position in Onity Group by 7.1% during the first quarter. Empowered Funds LLC now owns 48,029 shares of the company’s stock worth $1,552,000 after buying an additional 3,184 shares in the last quarter. Jane Street Group LLC purchased a new position in Onity Group during the first quarter worth $256,000. Geode Capital Management LLC increased its position in Onity Group by 6.3% during the second quarter. Geode Capital Management LLC now owns 148,257 shares of the company’s stock worth $5,660,000 after buying an additional 8,748 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Onity Group by 585.2% in the second quarter. JPMorgan Chase & Co. now owns 128,210 shares of the company’s stock valued at $4,894,000 after purchasing an additional 109,498 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Onity Group by 36.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 86,790 shares of the company’s stock valued at $3,313,000 after purchasing an additional 22,980 shares during the period. Hedge funds and other institutional investors own 70.16% of the company’s stock.

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.