ON24, Inc. (NYSE:ONTF) Short Interest Up 34.9% in February

ON24, Inc. (NYSE:ONTF) was the target of a significant increase in short interest in February. As of February 13th, there was short interest totaling 915,458 shares, an increase of 34.9% from the January 29th total of 678,640 shares. Based on an average daily trading volume, of 476,304 shares, the days-to-cover ratio is currently 1.9 days. Currently, 3.2% of the shares of the stock are sold short. Currently, 3.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 476,304 shares, the days-to-cover ratio is currently 1.9 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ONTF shares. Robert W. Baird boosted their price objective on shares of ON24 from $6.00 to $8.10 and gave the stock a “neutral” rating in a report on Friday, January 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of ON24 in a research note on Thursday, January 22nd. Canaccord Genuity Group raised their price objective on shares of ON24 from $6.00 to $8.10 and gave the stock a “hold” rating in a report on Wednesday, December 31st. Finally, Wall Street Zen upgraded shares of ON24 from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, ON24 presently has a consensus rating of “Reduce” and a consensus target price of $8.10.

Insiders Place Their Bets

In related news, insider Jayesh Sahasi sold 34,753 shares of the company’s stock in a transaction that occurred on Tuesday, December 30th. The shares were sold at an average price of $7.98, for a total value of $277,328.94. Following the transaction, the insider directly owned 672,527 shares in the company, valued at approximately $5,366,765.46. This represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sharat Sharan sold 50,332 shares of ON24 stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $7.97, for a total transaction of $401,146.04. Following the sale, the insider owned 3,622,559 shares of the company’s stock, valued at approximately $28,871,795.23. The trade was a 1.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 291,218 shares of company stock valued at $2,270,432 over the last 90 days. 33.00% of the stock is owned by insiders.

Institutional Investors Weigh In On ON24

A number of large investors have recently added to or reduced their stakes in ONTF. P.A.W. Capital Corp lifted its holdings in shares of ON24 by 87.5% during the 2nd quarter. P.A.W. Capital Corp now owns 300,000 shares of the company’s stock valued at $1,629,000 after buying an additional 140,000 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in ON24 by 19.6% in the third quarter. Arrowstreet Capital Limited Partnership now owns 710,354 shares of the company’s stock valued at $4,063,000 after acquiring an additional 116,400 shares during the period. Geode Capital Management LLC boosted its position in ON24 by 13.7% in the second quarter. Geode Capital Management LLC now owns 852,320 shares of the company’s stock worth $4,629,000 after purchasing an additional 102,396 shares during the last quarter. Glazer Capital LLC bought a new stake in shares of ON24 during the 4th quarter valued at about $760,000. Finally, Two Sigma Investments LP grew its stake in shares of ON24 by 75.8% during the 3rd quarter. Two Sigma Investments LP now owns 206,340 shares of the company’s stock valued at $1,180,000 after purchasing an additional 88,936 shares during the period. Institutional investors own 83.93% of the company’s stock.

ON24 Trading Up 0.4%

ONTF traded up $0.03 during trading on Wednesday, hitting $8.06. 511,698 shares of the company’s stock traded hands, compared to its average volume of 496,401. ON24 has a 12-month low of $4.35 and a 12-month high of $8.10. The company’s 50 day simple moving average is $7.80 and its two-hundred day simple moving average is $6.37. The stock has a market capitalization of $343.76 million, a price-to-earnings ratio of -11.85 and a beta of 0.60.

ON24 Company Profile

ON24, Inc (NYSE: ONTF) is a cloud-based digital experience platform that enables organizations to create, manage and optimize virtual events, webinars and multimedia content. The company’s technology is designed to facilitate interactive, data-driven engagement between enterprises and their audiences, supporting demand generation, lead nurturing, corporate communications and training initiatives.

At the core of ON24’s offering is its webinar and virtual event solution, which provides live and on-demand webcasting, attendee interaction tools and real-time analytics.