ON24 (ONTF) Set to Announce Quarterly Earnings on Tuesday

ON24 (NYSE:ONTF) is scheduled to issue its quarterly earnings data after the market closes on Tuesday, November 7th. Analysts expect the company to announce earnings of $0.01 per share for the quarter. ON24 has set its FY 2023 guidance at -$0.02-$0.02 EPS and its Q3 2023 guidance at 0-0 EPS.Individual that wish to register for the company’s earnings conference call can do so using this link.

ON24 (NYSE:ONTF) last issued its quarterly earnings results on Tuesday, August 8th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). ON24 had a negative return on equity of 16.27% and a negative net margin of 31.77%. The business had revenue of $42.09 million for the quarter, compared to analysts’ expectations of $41.30 million. On average, analysts expect ON24 to post $-1 EPS for the current fiscal year and $-1 EPS for the next fiscal year.

ON24 Stock Up 1.5 %

ONTF stock opened at $6.07 on Tuesday. The stock has a market capitalization of $266.50 million, a price-to-earnings ratio of -5.06 and a beta of 0.22. The stock’s fifty day simple moving average is $6.41 and its 200-day simple moving average is $7.56. ON24 has a 52-week low of $5.73 and a 52-week high of $11.20.

Insiders Place Their Bets

In related news, insider Sharat Sharan sold 11,963 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $6.36, for a total value of $76,084.68. Following the transaction, the insider now directly owns 2,519,292 shares of the company’s stock, valued at approximately $16,022,697.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Jayesh Sahasi sold 5,301 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $6.84, for a total value of $36,258.84. Following the completion of the sale, the insider now owns 623,077 shares of the company’s stock, valued at $4,261,846.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sharat Sharan sold 11,963 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $6.36, for a total transaction of $76,084.68. Following the completion of the transaction, the insider now directly owns 2,519,292 shares in the company, valued at approximately $16,022,697.12. The disclosure for this sale can be found here. Insiders have sold a total of 90,885 shares of company stock valued at $612,146 over the last quarter. Company insiders own 27.30% of the company’s stock.

Institutional Trading of ON24

A number of institutional investors have recently added to or reduced their stakes in the business. Virginia Retirement Systems ET AL acquired a new position in ON24 during the 2nd quarter worth approximately $201,000. Alliancebernstein L.P. lifted its position in shares of ON24 by 73.0% during the second quarter. Alliancebernstein L.P. now owns 32,170 shares of the company’s stock worth $261,000 after purchasing an additional 13,570 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of ON24 by 71.6% in the second quarter. Wells Fargo & Company MN now owns 13,875 shares of the company’s stock valued at $113,000 after purchasing an additional 5,788 shares during the period. Whetstone Capital Advisors LLC boosted its stake in shares of ON24 by 85.5% in the second quarter. Whetstone Capital Advisors LLC now owns 102,192 shares of the company’s stock valued at $830,000 after purchasing an additional 47,098 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in ON24 during the 2nd quarter valued at $176,000. 77.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Piper Sandler lowered their price target on ON24 from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Monday, October 23rd.

ON24 Company Profile

ON24, Inc provides a cloud-based digital engagement platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Experience products, such as ON24 Elite, a live and interactive webinar experience; ON24 Breakouts, a live breakout room experience that facilitates networking, collaboration, and interactivity between users; ON24 Forums, a live and interactive experience, which facilitates video-to-video interaction between presenters and audiences; ON24 Go Live, a live and interactive video event experience that enables presenters and attendees to engage face-to-face in real-time; and ON24 Virtual Confrence, a live and large scale managed virtual event experience.