Bank of New York Mellon Corp Has $8.16 Million Stock Holdings in Olo Inc. (NYSE:OLO)

Bank of New York Mellon Corp raised its stake in Olo Inc. (NYSE:OLO - Free Report) by 274.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,351,488 shares of the company's stock after acquiring an additional 990,719 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.81% of OLO worth $8,163,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. SMI Advisory Services LLC purchased a new stake in shares of OLO in the first quarter worth about $62,000. Calamos Advisors LLC purchased a new stake in shares of OLO in the first quarter worth about $63,000. Envestnet Asset Management Inc. purchased a new stake in shares of OLO in the fourth quarter worth about $80,000. Franklin Resources Inc. purchased a new position in OLO in the fourth quarter valued at about $81,000. Finally, TFJ Management LLC purchased a new position in OLO in the fourth quarter valued at about $107,000. 93.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Lake Street Capital cut OLO from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 3rd. Royal Bank Of Canada reissued a "sector perform" rating and issued a $10.25 price objective on shares of OLO in a report on Monday, July 7th. Wall Street Zen lowered OLO from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Truist Financial lowered OLO from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Finally, Piper Sandler increased their price objective on OLO from $8.00 to $10.25 and gave the stock a "neutral" rating in a report on Monday, July 7th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $10.17.

OLO Stock Performance

Shares of NYSE:OLO traded up $0.02 during midday trading on Friday, hitting $10.15. The company's stock had a trading volume of 1,401,581 shares, compared to its average volume of 1,999,820. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 507.50 and a beta of 1.57. Olo Inc. has a fifty-two week low of $4.56 and a fifty-two week high of $10.16. The stock's 50 day simple moving average is $9.19 and its 200 day simple moving average is $7.68.

OLO (NYSE:OLO - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.07 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.01. The firm 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 company's revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.05 earnings per share. As a group, analysts anticipate that Olo Inc. will post -0.03 EPS for the current year.

Insider Buying and Selling

In other news, Director Zuhairah Scott Washington sold 10,000 shares of OLO stock in a transaction that occurred on 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 owned 68,677 shares in the company, valued at approximately $582,380.96. The trade was a 12.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Joanna G. Lambert sold 38,614 shares of OLO stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $8.80, for a total transaction of $339,803.20. Following the sale, the chief operating officer directly owned 925,146 shares of the company's stock, valued at $8,141,284.80. This represents a 4.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 98,630 shares of company stock valued at $864,454 in the last ninety days. 39.33% of the stock is owned by corporate insiders.

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.