Onity Group (NYSE:ONIT) Stock Rating Upgraded by Texas Capital

Onity Group (NYSE:ONIT) was upgraded by research analysts at Texas Capital to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently weighed in on ONIT. BTIG Research upped their price target on shares of Onity Group from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Keefe, Bruyette & Woods cut their price target on shares of Onity Group from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, May 8th. Weiss Ratings downgraded shares of Onity Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Finally, Wall Street Zen downgraded shares of Onity Group from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.67.

Onity Group Stock Performance

Shares of Onity Group stock opened at $37.04 on Wednesday. The company has a 50 day moving average of $39.60 and a 200-day moving average of $42.41. Onity Group has a 1-year low of $33.22 and a 1-year high of $54.10. The company has a current ratio of 46.07, a quick ratio of 46.07 and a debt-to-equity ratio of 19.46. The company has a market cap of $312.21 million, a PE ratio of 1.91 and a beta of 1.45.

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

Hedge Funds Weigh In On Onity Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in ONIT. Oaktree Capital Management LP bought a new position in Onity Group in the 4th quarter valued at approximately $17,896,000. Wellington Management Group LLP bought a new position in Onity Group in the 3rd quarter valued at approximately $10,370,000. JPMorgan Chase & Co. lifted its stake in Onity Group by 585.2% in the 2nd 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 last quarter. Franklin Resources Inc. bought a new position in Onity Group in the 3rd quarter valued at approximately $2,742,000. Finally, Prescott Group Capital Management L.L.C. lifted its stake in Onity Group by 29.2% in the 4th quarter. Prescott Group Capital Management L.L.C. now owns 212,585 shares of the company’s stock valued at $9,734,000 after purchasing an additional 47,992 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.