Onity Group (NYSE:ONIT) Sees Significant Growth in Short Interest

Onity Group (NYSE:ONIT) was the target of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 108,300 shares, an increase of 35.4% from the February 13th total of 80,000 shares. Based on an average trading volume of 47,300 shares, the short-interest ratio is currently 2.3 days. Approximately 1.7% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ONIT. B. Riley raised shares of Onity Group to a “strong-buy” rating in a report on Tuesday, January 7th. BTIG Research raised shares of Onity Group from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Monday, December 9th.

Onity Group Trading Down 0.6 %

Shares of ONIT traded down $0.20 during trading hours on Tuesday, reaching $30.22. 2,730 shares of the company traded hands, compared to its average volume of 46,314. The company’s fifty day moving average price is $33.45 and its two-hundred day moving average price is $31.51. The company has a market capitalization of $237.88 million, a price-to-earnings ratio of 7.39 and a beta of 1.98. The company has a quick ratio of 26.46, a current ratio of 26.46 and a debt-to-equity ratio of 20.28. Onity Group has a 12 month low of $22.40 and a 12 month high of $41.27.

Onity Group (NYSE:ONIT) last announced its earnings results on Thursday, February 13th. The company reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $2.34 by ($0.95). The company had revenue of $224.80 million for the quarter, compared to the consensus estimate of $253.37 million. Onity Group had a net margin of 3.47% and a return on equity of 20.50%. Equities research analysts predict that Onity Group will post 10.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Onity Group

A number of large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio bought a new stake in Onity Group during the fourth quarter worth about $84,000. Corebridge Financial Inc. bought a new stake in Onity Group during the fourth quarter worth about $98,000. New York State Common Retirement Fund bought a new stake in Onity Group during the fourth quarter worth about $100,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Onity Group during the fourth quarter worth about $115,000. Finally, Wells Fargo & Company MN bought a new stake in Onity Group during the fourth quarter worth about $116,000. Institutional investors own 70.16% of the company’s stock.

Onity Group Company Profile

Onity Group Inc, a financial services company, originates and services mortgage loans in the United States, the United States Virgin Islands, India, and the Philippines. It operates through, Servicing and Originations segments. The company provides commercial forward mortgage loan servicing, reverse mortgage servicing, special servicing, and asset management services for to owners of mortgage loans and foreclosed real estate, as well as residential mortgage loan servicing, such as forward and reverse conventional, government-insured, and non-agency loans, including the reverse mortgage loans classified as loans.