Wall Street Zen Downgrades Onity Group (NYSE:ONIT) to Hold

Onity Group (NYSE:ONIT) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

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

Onity Group Trading Down 2.1%

ONIT opened at $42.05 on Friday. Onity Group has a 1-year low of $25.50 and a 1-year high of $54.10. The stock has a market capitalization of $358.23 million, a PE ratio of 1.99 and a beta of 1.56. The company has a current ratio of 35.55, a quick ratio of 38.90 and a debt-to-equity ratio of 18.86. The firm has a 50-day moving average price of $46.25 and a two-hundred day moving average price of $42.73.

Institutional Investors Weigh In On Onity Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONIT. Empowered Funds LLC lifted its stake in Onity Group by 7.1% in the first quarter. Empowered Funds LLC now owns 48,029 shares of the company’s stock valued at $1,552,000 after buying an additional 3,184 shares during the period. Jane Street Group LLC bought a new stake in shares of Onity Group in the 1st quarter valued at about $256,000. Cullen Frost Bankers Inc. raised its position in shares of Onity Group by 169.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 988 shares of the company’s stock valued at $38,000 after acquiring an additional 622 shares during the period. Acadian Asset Management LLC boosted its stake in Onity Group by 44.1% during the 2nd quarter. Acadian Asset Management LLC now owns 60,277 shares of the company’s stock worth $2,299,000 after acquiring an additional 18,454 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Onity Group by 6.3% during the 2nd quarter. Geode Capital Management LLC now owns 148,257 shares of the company’s stock worth $5,660,000 after acquiring an additional 8,748 shares during the last quarter. 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.