Wall Street Zen Upgrades Onity Group (NYSE:ONIT) to Buy

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 report issued to clients and investors on Saturday.

Several other equities research analysts have also recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Onity Group in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods raised Onity Group from a “moderate buy” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Finally, BTIG Research upped their target price on Onity Group from $50.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Onity Group Stock Down 1.1%

Shares of NYSE:ONIT opened at $37.72 on Friday. The firm has a market cap of $321.40 million, a P/E ratio of 1.78 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. Onity Group has a 12-month low of $25.50 and a 12-month high of $54.10. The business has a fifty day simple moving average of $45.03 and a 200 day simple moving average of $42.79.

Hedge Funds Weigh In On Onity Group

Several institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its holdings 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 worth $20,105,000 after buying an additional 3,137 shares in the last quarter. Oaktree Capital Management LP bought a new stake in shares of Onity Group in the 4th quarter valued at $17,896,000. Vanguard Group Inc. lifted its position in shares of Onity Group by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 339,620 shares of the company’s stock valued at $13,571,000 after acquiring an additional 3,473 shares during the period. Wellington Management Group LLP lifted its position in shares of Onity Group by 18.3% during the 4th quarter. Wellington Management Group LLP now owns 307,000 shares of the company’s stock valued at $14,058,000 after acquiring an additional 47,500 shares during the period. Finally, Prescott Group Capital Management L.L.C. boosted its stake 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 acquiring an additional 47,992 shares in the last quarter. 70.16% of the stock is owned by institutional investors and hedge funds.

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.