ON24 (NYSE:ONTF) Issues Q3 2024 Earnings Guidance

ON24 (NYSE:ONTF) updated its third quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of -0.010-0.010 for the period, compared to the consensus EPS estimate of 0.000. The company issued revenue guidance of $35.0 million-$36.0 million, compared to the consensus revenue estimate of $35.2 million. ON24 also updated its FY 2024 guidance to 0.050-0.080 EPS.

ON24 Stock Performance

NYSE:ONTF traded down $0.09 during trading on Wednesday, reaching $5.72. The company’s stock had a trading volume of 205,859 shares, compared to its average volume of 200,582. ON24 has a 12 month low of $5.37 and a 12 month high of $8.35. The firm has a market cap of $239.47 million, a price-to-earnings ratio of -5.50 and a beta of 0.47. The firm has a 50 day moving average of $5.99 and a 200-day moving average of $6.66.

ON24 (NYSE:ONTF) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.05). The firm had revenue of $37.73 million during the quarter, compared to analysts’ expectations of $37.00 million. ON24 had a negative net margin of 28.35% and a negative return on equity of 19.97%. Equities research analysts forecast that ON24 will post -0.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on ONTF. JPMorgan Chase & Co. decreased their target price on shares of ON24 from $8.00 to $7.00 and set a neutral rating on the stock in a report on Wednesday. Needham & Company LLC reiterated a hold rating on shares of ON24 in a research report on Wednesday.

Insider Buying and Selling at ON24

In related news, insider Jayesh Sahasi sold 17,731 shares of the stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $6.03, for a total value of $106,917.93. Following the completion of the transaction, the insider now directly owns 736,516 shares of the company’s stock, valued at $4,441,191.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Jayesh Sahasi sold 17,731 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $6.03, for a total value of $106,917.93. Following the sale, the insider now directly owns 736,516 shares of the company’s stock, valued at approximately $4,441,191.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO James Blackie sold 15,000 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $6.33, for a total transaction of $94,950.00. Following the completion of the transaction, the executive now owns 457,443 shares of the company’s stock, valued at $2,895,614.19. The disclosure for this sale can be found here. Insiders sold 57,679 shares of company stock valued at $348,674 in the last 90 days. Insiders own 32.30% of the company’s stock.

About ON24

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.