ON24, Inc. (NYSE:ONTF) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 635,300 shares, a drop of 69.5% from the August 15th total of 2,080,000 shares. Approximately 2.1% of the company’s shares are short sold. Based on an average trading volume of 795,600 shares, the short-interest ratio is currently 0.8 days.
A number of equities analysts recently commented on ONTF shares. JPMorgan Chase & Co. downgraded shares of ON24 from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $85.00 to $32.00 in a research note on Wednesday, August 11th. Zacks Investment Research raised shares of ON24 from a “sell” rating to a “hold” rating in a research note on Wednesday, July 14th. KeyCorp reduced their price objective on shares of ON24 from $57.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, August 11th. Robert W. Baird reduced their price objective on shares of ON24 from $70.00 to $38.00 and set an “outperform” rating for the company in a research note on Wednesday, August 11th. Finally, Needham & Company LLC reduced their price target on ON24 from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 11th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, ON24 currently has a consensus rating of “Buy” and an average price target of $48.29.
Shares of ONTF stock traded down $0.34 during trading hours on Thursday, reaching $20.46. 645,646 shares of the company’s stock were exchanged, compared to its average volume of 521,586. The stock’s 50 day moving average is $28.38 and its 200-day moving average is $37.53. The company has a market cap of $954.48 million and a price-to-earnings ratio of 15.98. The company has a current ratio of 3.86, a quick ratio of 3.86 and a debt-to-equity ratio of 0.01. ON24 has a fifty-two week low of $19.30 and a fifty-two week high of $81.98.
In other news, CRO James Blackie sold 10,000 shares of ON24 stock in a transaction that occurred on Thursday, August 19th. The shares were sold at an average price of $19.97, for a total transaction of $199,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Irwin Federman sold 60,357 shares of ON24 stock in a transaction that occurred on Tuesday, August 31st. The shares were sold at an average price of $22.55, for a total transaction of $1,361,050.35. Following the sale, the director now directly owns 9,790 shares of the company’s stock, valued at approximately $220,764.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 655,612 shares of company stock valued at $14,498,727.
Institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers boosted its holdings in ON24 by 6.9% in the second quarter. Rhumbline Advisers now owns 7,978 shares of the company’s stock valued at $283,000 after purchasing an additional 515 shares during the last quarter. Citigroup Inc. purchased a new stake in ON24 in the first quarter valued at $28,000. Woodline Partners LP boosted its holdings in ON24 by 1.5% in the second quarter. Woodline Partners LP now owns 43,375 shares of the company’s stock valued at $1,539,000 after purchasing an additional 655 shares during the last quarter. Royal Bank of Canada purchased a new stake in ON24 in the first quarter valued at $73,000. Finally, UBS Group AG purchased a new stake in ON24 in the first quarter valued at $93,000. 40.02% of the stock is currently owned by hedge funds and other institutional investors.
ON24, Inc provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Experience products, such as ON24 Elite, a live and interactive webinar experience; ON24 Virtual Environment, a live and large scale virtual event experience; ON24 Engagement Hub, a rich multimedia content experience; and ON24 Target, a personalized and curated rich multimedia content experience, as well as solutions, including ON24 Intelligence, an analytics backbone that captures first-person data to power the insights, benchmarking, reporting, and artificial intelligence and machine learning engine; and ON24 Connect, an ecosystem of third-party application integrations.
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