OLO (NYSE:OLO) Shares Gap Down – Here’s Why

Olo Inc. (NYSE:OLO)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $7.85, but opened at $7.53. OLO shares last traded at $7.56, with a volume of 147,224 shares trading hands.

Wall Street Analyst Weigh In

OLO has been the subject of a number of research reports. Piper Sandler restated a “neutral” rating and set a $8.00 target price on shares of OLO in a research note on Wednesday. StockNews.com downgraded shares of OLO from a “buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, Royal Bank of Canada upped their target price on OLO from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd.

OLO Stock Down 5.0 %

The company’s fifty day moving average price is $7.04 and its 200 day moving average price is $5.65. The company has a market capitalization of $1.22 billion, a P/E ratio of -74.59 and a beta of 1.42.

Hedge Funds Weigh In On OLO

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in OLO by 220.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 558,507 shares of the company’s stock worth $2,770,000 after purchasing an additional 384,196 shares in the last quarter. Barclays PLC increased its holdings in shares of OLO by 399.3% during the third quarter. Barclays PLC now owns 190,335 shares of the company’s stock worth $943,000 after buying an additional 152,214 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of OLO by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,444,805 shares of the company’s stock valued at $12,130,000 after acquiring an additional 42,318 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of OLO during the 3rd quarter valued at $631,000. Finally, XTX Topco Ltd grew its position in OLO by 478.6% during the 3rd quarter. XTX Topco Ltd now owns 168,577 shares of the company’s stock worth $836,000 after acquiring an additional 139,441 shares during the last quarter. 93.40% of the stock is currently owned by institutional investors and hedge funds.

OLO Company Profile

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.