Onity Group Experiences Notable Increase in Short Interest

Onity Group (NYSE:ONIT - Get Free Report) experienced notable growth in short interest during February. As of February 28th, the total short interest reached 108,300 shares, which marks an increase of 35.4% from the 80,000 shares recorded on February 13th. Currently, about 1.7% of the company's shares are sold short. Given the average daily trading volume of 47,300 shares, the days-to-cover ratio stands at 2.3 days.

Investments by Hedge Funds in Onity Group

Several hedge funds have recently engaged in buying and selling shares of Onity Group. Notably, the Public Employees Retirement System of Ohio acquired a new stake valued at around $84,000 in the fourth quarter. Similarly, Corebridge Financial Inc. also purchased a new position worth approximately $98,000. Additionally, the New York State Common Retirement Fund bought shares valued around $100,000, while MIRAE ASSET GLOBAL ETFs HOLDINGS Ltd. secured a new stake estimated at $115,000. Lastly, Wells Fargo & Company MN invested about $116,000 in Onity Group during the same period. Currently, institutional investors and hedge funds possess approximately 70.16% of the stock.

Analyst Price Target Updates

Recent insights from research analysts regarding ONIT shares indicate positive sentiment. BTIG Research upgraded Onity Group's rating from 'neutral' to 'buy', setting a target price of $40.00 for the stock in a report issued on December 9th. Furthermore, B. Riley has upgraded Onity Group shares to a 'strong-buy' rating as of January 7th.

Stock Performance of Onity Group

On Friday, shares of ONIT traded up by $0.67, reaching $30.27. A total of 35,792 shares exchanged hands compared to the average volume of 47,749 shares. The company's 50-day moving average stands at $33.45, while the 200-day moving average is $31.49. Onity Group has a market capitalization of $238.32 million with a P/E ratio of 7.40. Its debt-to-equity ratio is recorded at 20.28 with a quick ratio and current ratio both at 26.46. For context, Onity Group's stock has ranged from a 12-month low of $22.40 to a high of $41.27.

The company last reported its earnings on February 13th, revealing earnings per share of $1.39. This performance fell short of the consensus estimate of $2.34 by a margin of ($0.95). The firm's revenue was noted at $224.80 million, which was lower than analyst expectations of $253.37 million. Onity Group achieved a return on equity of 20.50% and maintained a net margin of 3.47%. Analysts anticipate that Onity Group will achieve earnings per share of 10.51 for the current year.

Overview of Onity Group

Onity Group Inc operates as a financial services company, primarily focused on mortgage loan origination and servicing in the United States, the U.S. Virgin Islands, India, and the Philippines. The company functions through its Servicing and Originations segments, providing various services including commercial forward mortgage loan servicing, reverse mortgage servicing, special servicing, and asset management. They also manage residential mortgage loan servicing, covering both forward and reverse conventional, government-insured, and non-agency loans.

Onity, Stock, Investors