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

Onity Group (NYSE:ONIT) was the recipient of a large increase in short interest in 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 daily volume of 47,300 shares, the short-interest ratio is presently 2.3 days. Approximately 1.7% of the shares of the stock are short sold.

Hedge Funds Weigh In On Onity Group

A number of large investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio purchased a new position in Onity Group in the 4th quarter worth $84,000. Corebridge Financial Inc. purchased a new position in Onity Group in the 4th quarter worth $98,000. New York State Common Retirement Fund purchased a new position in Onity Group in the 4th quarter worth $100,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Onity Group in the 4th quarter worth $115,000. Finally, Wells Fargo & Company MN purchased a new position in Onity Group in the 4th quarter worth $116,000. Hedge funds and other institutional investors own 70.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. B. Riley raised shares of Onity Group to a “strong-buy” rating in a report on Tuesday, January 7th. BTIG Research upgraded shares of Onity Group from a “neutral” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Monday, December 9th.

Onity Group Price Performance

Shares of Onity Group stock traded down $0.20 on Tuesday, hitting $30.22. 2,730 shares of the company traded hands, compared to its average volume of 46,314. The firm’s 50-day simple moving average is $33.45 and its 200 day simple moving average is $31.51. The company has a current ratio of 26.46, a quick ratio of 26.46 and a debt-to-equity ratio of 20.28. The company has a market cap of $237.88 million, a P/E ratio of 7.39 and a beta of 1.98. Onity Group has a 12-month low of $22.40 and a 12-month high of $41.27.

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

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.