Bank of America Corp DE Lowers Stock Position in Olo Inc. (NYSE:OLO)

Bank of America Corp DE lowered its position in shares of Olo Inc. (NYSE:OLO - Free Report) by 32.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 716,753 shares of the company's stock after selling 344,085 shares during the quarter. Bank of America Corp DE owned about 0.44% of OLO worth $5,505,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arizona State Retirement System raised its holdings in OLO by 5.1% in the 4th quarter. Arizona State Retirement System now owns 30,358 shares of the company's stock worth $233,000 after purchasing an additional 1,464 shares during the period. Invesco Ltd. increased its holdings in shares of 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 during the last quarter. Tandem Financial LLC acquired a new stake in shares of OLO in the fourth quarter valued at approximately $26,000. Global Retirement Partners LLC purchased a new position in OLO in the fourth quarter worth approximately $27,000. Finally, Connors Investor Services Inc. grew its position in OLO by 13.2% in the fourth quarter. Connors Investor Services Inc. now owns 38,495 shares of the company's stock worth $296,000 after acquiring an additional 4,495 shares during the period. Institutional investors and hedge funds own 93.40% of the company's stock.

OLO Price Performance

Shares of OLO remained flat at $8.73 during midday trading on Friday. The stock had a trading volume of 1,273,055 shares, compared to its average volume of 1,259,450. The firm has a fifty day simple moving average of $7.20 and a 200-day simple moving average of $7.19. Olo Inc. has a twelve month low of $4.20 and a twelve month high of $9.78. The stock has a market cap of $1.45 billion, a P/E ratio of -87.29 and a beta of 1.41.

OLO (NYSE:OLO - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.01. OLO had a positive return on equity of 0.34% and a negative net margin of 5.89%. The firm had revenue of $80.68 million for the quarter, compared to analyst estimates of $77.47 million. During the same quarter last year, the company posted $0.05 earnings per share. The business's revenue was up 21.3% on a year-over-year basis. As a group, equities research analysts expect that Olo Inc. will post -0.03 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on OLO. Wall Street Zen lowered OLO from a "buy" rating to a "hold" rating in a research report on Friday. Lake Street Capital raised their price target on OLO from $9.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, May 9th.

OLO Company Profile

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.