ON24 (NYSE:ONTF) Releases Q2 2024 Earnings Guidance

ON24 (NYSE:ONTF) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.000-0.020 for the period, compared to the consensus 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.

Analyst Ratings Changes

Several brokerages have recently commented on ONTF. Needham & Company LLC reaffirmed a hold rating on shares of ON24 in a report on Wednesday. Canaccord Genuity Group reduced their price objective on shares of ON24 from $10.00 to $9.00 and set a hold rating for the company in a research note on Friday, February 23rd.

ON24 Trading Down 2.2 %

NYSE:ONTF traded down $0.14 during trading hours on Thursday, hitting $6.32. 245,893 shares of the stock traded hands, compared to its average volume of 218,179. The firm has a 50 day moving average price of $6.82 and a 200 day moving average price of $7.14. The firm has a market cap of $264.16 million, a price-to-earnings ratio of -5.50 and a beta of 0.49. ON24 has a fifty-two week low of $5.73 and a fifty-two week high of $9.55.

ON24 (NYSE:ONTF) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.25). ON24 had a negative net margin of 31.63% and a negative return on equity of 18.49%. The business had revenue of $39.34 million for the quarter, compared to analyst estimates of $37.29 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. Research analysts predict that ON24 will post -0.6 EPS for the current year.

Insider Buying and Selling

In related news, CFO Steven Vattuone sold 10,376 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $8.15, for a total transaction of $84,564.40. Following the transaction, the chief financial officer now directly owns 396,398 shares of the company’s stock, valued at $3,230,643.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ON24 news, Director Dominique Trempont sold 4,250 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $8.12, for a total value of $34,510.00. Following the completion of the sale, the director now directly owns 287,185 shares of the company’s stock, valued at $2,331,942.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Steven Vattuone sold 10,376 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $8.15, for a total transaction of $84,564.40. Following the completion of the sale, the chief financial officer now directly owns 396,398 shares of the company’s stock, valued at $3,230,643.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 88,570 shares of company stock worth $648,511. 27.30% of the stock is owned by company 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.