Onity Group Inc. (NYSE:ONIT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Onity Group Inc. (NYSE:ONIT) have been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $54.00.

ONIT has been the subject of a number of analyst reports. Texas Capital raised Onity Group to a “strong-buy” rating in a report on Wednesday, June 10th. Weiss Ratings downgraded Onity Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Keefe, Bruyette & Woods cut their target price on Onity Group from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, May 8th. BTIG Research decreased their price target on shares of Onity Group from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, June 16th. Finally, Wall Street Zen lowered shares of Onity Group from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th.

Onity Group Stock Performance

Shares of ONIT stock opened at $38.95 on Friday. Onity Group has a 12 month low of $33.22 and a 12 month 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. The firm has a market capitalization of $328.31 million, a P/E ratio of 2.01 and a beta of 1.43. The company’s fifty day moving average price is $37.88 and its two-hundred day moving average price is $41.69.

Onity Group (NYSE:ONIT) last announced 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). Onity Group had a net margin of 15.75% and a return on equity of 9.10%. The business had revenue of $278.00 million for the quarter, compared to analyst estimates of $290.10 million.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ONIT. Oaktree Capital Management LP bought a new stake in shares of Onity Group in the 4th quarter worth about $17,896,000. Wellington Management Group LLP bought a new stake in Onity Group in the third quarter valued at about $10,370,000. JPMorgan Chase & Co. raised its stake in Onity Group by 585.2% during the second quarter. JPMorgan Chase & Co. now owns 128,210 shares of the company’s stock valued at $4,894,000 after buying an additional 109,498 shares in the last quarter. Franklin Resources Inc. bought a new position in Onity Group during the 3rd quarter worth approximately $2,742,000. Finally, Prescott Group Capital Management L.L.C. lifted its holdings in Onity Group by 29.2% during the 4th 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 during 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.