Allspring Global Investments Holdings LLC Increases Position in Olo Inc. (NYSE:OLO)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Olo Inc. (NYSE:OLO - Free Report) by 173.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,286 shares of the company's stock after acquiring an additional 63,678 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of OLO worth $606,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Arizona State Retirement System raised its holdings in shares of OLO by 5.1% in the 4th quarter. Arizona State Retirement System now owns 30,358 shares of the company's stock valued at $233,000 after acquiring an additional 1,464 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in OLO by 3.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,482 shares of the company's stock valued at $457,000 after purchasing an additional 1,740 shares in the last quarter. Invesco Ltd. raised its stake in OLO by 1.9% in the fourth quarter. Invesco Ltd. now owns 121,611 shares of the company's stock valued at $934,000 after purchasing an additional 2,261 shares in the last quarter. California State Teachers Retirement System lifted its position in OLO by 2.8% during the fourth quarter. California State Teachers Retirement System now owns 97,847 shares of the company's stock valued at $751,000 after purchasing an additional 2,666 shares during the last quarter. Finally, Diversified Trust Co increased its holdings in shares of OLO by 12.8% in the 1st quarter. Diversified Trust Co now owns 33,343 shares of the company's stock worth $201,000 after buying an additional 3,793 shares during the last quarter. Hedge funds and other institutional investors own 93.40% of the company's stock.

OLO Stock Up 0.1%

NYSE OLO opened at $10.13 on Thursday. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 506.75 and a beta of 1.57. The company has a 50-day simple moving average of $8.78 and a two-hundred day simple moving average of $7.50. Olo Inc. has a 12-month low of $4.20 and a 12-month high of $10.15.

OLO (NYSE:OLO - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. The business had revenue of $80.68 million during the quarter, compared to analysts' expectations of $77.47 million. OLO had a net margin of 1.09% and a return on equity of 1.46%. The firm's revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.05 EPS. Equities analysts expect that Olo Inc. will post -0.03 earnings per share for the current fiscal year.

Insider Transactions at OLO

In related news, Director Zuhairah Scott Washington sold 10,000 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $8.48, for a total value of $84,800.00. Following the completion of the transaction, the director directly owned 68,677 shares of the company's stock, valued at $582,380.96. This represents a 12.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Morvillo sold 10,129 shares of OLO stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $8.80, for a total value of $89,135.20. Following the sale, the insider directly owned 386,516 shares in the company, valued at approximately $3,401,340.80. The trade was a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 98,630 shares of company stock worth $864,454. Corporate insiders own 39.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on OLO. Piper Sandler lifted their price objective on shares of OLO from $8.00 to $10.25 and gave the stock a "neutral" rating in a report on Monday. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $10.25 price target on shares of OLO in a research note on Monday. Wall Street Zen cut OLO from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Finally, Lake Street Capital downgraded OLO from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 3rd.

About OLO

Olo, Inc engages in the provision of a cloud-based, on-demand commerce platform for multi-location restaurant brands. It enables digital ordering and delivery. The company was founded by Noah H. Glass on June 1, 2005 and is headquartered in New York, NY.

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