ON24, Inc. (NYSE:ONTF) Sees Significant Growth in Short Interest

ON24, Inc. (NYSE:ONTF) was the target of a large increase in short interest in February. As of February 27th, there was short interest totaling 1,082,679 shares, an increase of 18.3% from the February 12th total of 915,458 shares. Based on an average daily trading volume, of 523,904 shares, the short-interest ratio is presently 2.1 days. Approximately 3.8% of the shares of the stock are short sold. Approximately 3.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 523,904 shares, the short-interest ratio is presently 2.1 days.

Insider Transactions at ON24

In related news, insider Sharat Sharan sold 50,332 shares of the business’s stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $7.97, for a total value of $401,146.04. Following the completion of the sale, the insider owned 3,622,559 shares in the company, valued at $28,871,795.23. The trade was a 1.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Steven Vattuone sold 80,000 shares of ON24 stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $7.98, for a total value of $638,400.00. Following the completion of the transaction, the chief financial officer owned 452,654 shares in the company, valued at approximately $3,612,178.92. This represents a 15.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 265,089 shares of company stock worth $2,116,819 in the last three months. Insiders own 33.00% of the company’s stock.

Hedge Funds Weigh In On ON24

Several large investors have recently modified their holdings of the stock. P.A.W. Capital Corp lifted its stake in shares of ON24 by 87.5% in the second quarter. P.A.W. Capital Corp now owns 300,000 shares of the company’s stock worth $1,629,000 after buying an additional 140,000 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of ON24 during the second quarter valued at approximately $123,000. PNC Financial Services Group Inc. increased its position in shares of ON24 by 132.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,614 shares of the company’s stock valued at $61,000 after acquiring an additional 4,334 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in ON24 by 139.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,852 shares of the company’s stock worth $39,000 after acquiring an additional 2,825 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in ON24 in the 4th quarter valued at approximately $142,000. Hedge funds and other institutional investors own 83.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Canaccord Genuity Group boosted their price objective on shares of ON24 from $6.00 to $8.10 and gave the company a “hold” rating in a research report on Wednesday, December 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of ON24 in a research report on Thursday, January 22nd. Finally, Robert W. Baird raised 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. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, ON24 currently has an average rating of “Reduce” and an average price target of $8.10.

ON24 Stock Up 0.1%

Shares of NYSE:ONTF traded up $0.01 during midday trading on Wednesday, reaching $8.07. The company’s stock had a trading volume of 231,076 shares, compared to its average volume of 498,374. The firm has a 50 day moving average of $7.98 and a 200-day moving average of $6.55. The firm has a market capitalization of $345.72 million, a P/E ratio of -11.86 and a beta of 0.60. ON24 has a 12-month low of $4.35 and a 12-month high of $8.10.

ON24 (NYSE:ONTF) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.02 by $0.03. ON24 had a negative net margin of 20.71% and a negative return on equity of 16.62%. The business had revenue of $34.64 million for the quarter, compared to analyst estimates of $33.99 million. On average, research analysts predict that ON24 will post -0.81 EPS for the current year.

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.