ON24 (NYSE:ONTF) Issues Q2 2024 Earnings Guidance

ON24 (NYSE:ONTF) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.000-0.020 for the period, compared to the consensus EPS estimate of 0.010. The company issued revenue guidance of $35.8 million-$36.8 million, compared to the consensus revenue estimate of $36.2 million. ON24 also updated its FY 2024 guidance to 0.030-0.070 EPS.

ON24 Stock Down 2.2 %

ONTF traded down $0.14 during midday trading on Thursday, reaching $6.32. The company had a trading volume of 245,893 shares, compared to its average volume of 218,179. The business has a 50-day moving average of $6.82 and a two-hundred day moving average of $7.14. The company has a market cap of $264.16 million, a P/E ratio of -5.50 and a beta of 0.49. ON24 has a 1 year low of $5.73 and a 1 year high of $9.55.

ON24 (NYSE:ONTF) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.25). The company had revenue of $39.34 million during the quarter, compared to analysts’ expectations of $37.29 million. ON24 had a negative return on equity of 18.49% and a negative net margin of 31.63%. During the same quarter in the previous year, the company earned ($0.23) EPS. On average, equities research analysts predict that ON24 will post -0.6 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have commented on ONTF shares. Needham & Company LLC restated a hold rating on shares of ON24 in a research report on Wednesday. Canaccord Genuity Group cut their target price on ON24 from $10.00 to $9.00 and set a hold rating for the company in a research report on Friday, February 23rd.

Insider Buying and Selling

In related news, insider Sharat Sharan sold 21,465 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $6.73, for a total transaction of $144,459.45. Following the completion of the sale, the insider now owns 3,102,983 shares in the company, valued at $20,883,075.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Dominique Trempont sold 4,250 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $8.12, for a total transaction of $34,510.00. Following the completion of the transaction, the director now directly owns 287,185 shares of the company’s stock, valued at $2,331,942.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Sharat Sharan sold 21,465 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $6.73, for a total value of $144,459.45. Following the transaction, the insider now directly owns 3,102,983 shares of the company’s stock, valued at $20,883,075.59. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 88,570 shares of company stock worth $648,511. 27.30% of the stock is owned by corporate insiders.

ON24 Company Profile

ON24, Inc provides a cloud-based intelligent engagement platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide. The company provides ON24 Elite, for live and interactive webinar experience; ON24 Breakouts, for live breakout room experience that facilitates networking, collaboration, and interactivity between users; ON24 Forums, for live and interactive experience, which facilitates video-to-video interaction between presenters and audiences; ON24 Go Live, for live and interactive video event experience that enables presenters and attendees to engage face-to-face in real-time; and ON24 Virtual Confrence, for live and large scale managed virtual event experience.