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

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

Institutional Trading of Onity Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio bought a new stake in shares of Onity Group in the 4th quarter worth approximately $84,000. Corebridge Financial Inc. bought a new stake in shares of Onity Group in the 4th quarter worth approximately $98,000. New York State Common Retirement Fund bought a new stake in shares of Onity Group in the 4th quarter worth approximately $100,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Onity Group in the 4th quarter worth approximately $115,000. Finally, Wells Fargo & Company MN purchased a new position in shares of Onity Group in the fourth quarter worth approximately $116,000. 70.16% of the stock is currently owned by institutional investors.

Onity Group Price Performance

Shares of ONIT stock traded up $0.15 during midday trading on Monday, reaching $30.43. 20,595 shares of the company were exchanged, compared to its average volume of 32,337. Onity Group has a 12 month low of $22.40 and a 12 month high of $41.27. The company has a market cap of $239.54 million, a P/E ratio of 7.44 and a beta of 1.98. The company’s 50 day moving average price is $33.45 and its two-hundred day moving average price is $31.51. The company has a debt-to-equity ratio of 20.28, a quick ratio of 26.46 and a current ratio of 26.46.

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ONIT shares. B. Riley raised shares of Onity Group to a “strong-buy” rating in a research note 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 target on the stock in a research report on Monday, December 9th.

About Onity Group

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.