OLO (NYSE:OLO) Sees Strong Trading Volume – Here’s What Happened

Olo Inc. (NYSE:OLO) saw unusually-strong trading volume on Tuesday . Approximately 1,746,402 shares changed hands during mid-day trading, an increase of 82% from the previous session’s volume of 960,505 shares.The stock last traded at $5.04 and had previously closed at $5.19.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OLO. StockNews.com raised OLO from a “hold” rating to a “buy” rating in a report on Wednesday, September 11th. Piper Sandler reaffirmed an “overweight” rating and set a $8.00 price target on shares of OLO in a research report on Thursday, August 1st. Finally, Lake Street Capital boosted their price objective on OLO from $8.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.67.

OLO Price Performance

The firm has a market capitalization of $812.15 million, a price-to-earnings ratio of -33.47 and a beta of 1.27. The business’s 50 day moving average price is $4.98 and its 200-day moving average price is $4.82.

OLO (NYSE:OLO) last released its earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. OLO had a negative return on equity of 0.47% and a negative net margin of 9.36%. The company had revenue of $70.50 million for the quarter, compared to analysts’ expectations of $67.79 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. As a group, analysts expect that Olo Inc. will post -0.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Sherri Manning sold 9,356 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $4.90, for a total value of $45,844.40. Following the completion of the sale, the insider now owns 148,414 shares in the company, valued at $727,228.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other OLO news, insider Sherri Manning sold 9,356 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $4.90, for a total value of $45,844.40. Following the sale, the insider now owns 148,414 shares of the company’s stock, valued at approximately $727,228.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Diego Panama sold 13,555 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $4.90, for a total value of $66,419.50. Following the completion of the transaction, the executive now owns 569,859 shares of the company’s stock, valued at approximately $2,792,309.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,148 shares of company stock worth $554,425. 39.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On OLO

Institutional investors and hedge funds have recently modified their holdings of the company. Diversified Trust Co increased its stake in shares of OLO by 8.8% during the 1st quarter. Diversified Trust Co now owns 28,207 shares of the company’s stock valued at $155,000 after acquiring an additional 2,285 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in OLO by 6.1% during the second quarter. The Manufacturers Life Insurance Company now owns 42,023 shares of the company’s stock worth $186,000 after purchasing an additional 2,433 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in OLO by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 39,636 shares of the company’s stock worth $218,000 after purchasing an additional 3,340 shares during the period. Creative Planning boosted its holdings in shares of OLO by 15.1% in the 3rd quarter. Creative Planning now owns 30,371 shares of the company’s stock valued at $151,000 after purchasing an additional 3,974 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of OLO by 10.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 48,240 shares of the company’s stock valued at $265,000 after buying an additional 4,382 shares during the period. Hedge funds and other institutional investors own 93.40% of the company’s stock.

About OLO

Olo Inc operates an open SaaS platform for restaurants in the United States. The company’s platform enables on-demand digital commerce operations, which cover digital ordering, delivery, front-of-house management, and payments. Its solutions include Order, a suite of solutions powering restaurant brands’ on-demand commerce operations, enabling digital ordering, delivery, and channel management through ordering, dispatch, rails, switchboard, network, virtual brands, kiosk, catering, and sync modules; Engage, a suite of restaurant-centric marketing solutions optimizing guest lifetime value by strengthening and enhancing the restaurants’ direct guest relationships, through the guest data platform, marketing, sentiment, and host modules; and Pay, a frictionless payment platform that enables restaurants to grow and protect their digital business through customer payment experience that offers advanced fraud prevention to improve authorization rates for valid transactions, and increase basket conversion through its Olo Pay module.