CenterBook Partners LP Buys 42,608 Shares of Olo Inc. (NYSE:OLO)

CenterBook Partners LP lifted its stake in shares of Olo Inc. (NYSE:OLO - Free Report) by 105.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,868 shares of the company's stock after acquiring an additional 42,608 shares during the quarter. CenterBook Partners LP's holdings in OLO were worth $501,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in OLO. SMI Advisory Services LLC bought a new stake in OLO during the first quarter worth approximately $62,000. Calamos Advisors LLC acquired a new position in OLO in the 1st quarter worth approximately $63,000. Corton Capital Inc. acquired a new position in OLO in the 1st quarter worth approximately $66,000. Envestnet Asset Management Inc. acquired a new position in OLO in the 4th quarter worth approximately $80,000. Finally, Franklin Resources Inc. acquired a new position in OLO in the 4th quarter worth approximately $81,000. Institutional investors and hedge funds own 93.40% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Activity

In other OLO news, CFO Peter J. Benevides sold 23,078 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $8.80, for a total transaction of $203,086.40. Following the completion of the transaction, the chief financial officer owned 702,061 shares in the company, valued at approximately $6,178,136.80. This trade represents a 3.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Joanna G. Lambert sold 38,614 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $8.80, for a total transaction of $339,803.20. Following the completion of the transaction, the chief operating officer directly owned 925,146 shares in the company, valued at $8,141,284.80. This trade represents a 4.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 98,630 shares of company stock worth $864,454. 39.33% of the stock is owned by insiders.

OLO Price Performance

OLO stock traded down $0.01 during trading hours on Friday, reaching $10.12. The stock had a trading volume of 3,609,359 shares, compared to its average volume of 1,623,438. The stock has a market capitalization of $1.68 billion, a PE ratio of 506.25 and a beta of 1.57. The stock has a 50-day simple moving average of $9.13 and a 200 day simple moving average of $7.62. Olo Inc. has a fifty-two week low of $4.56 and a fifty-two week high of $10.16.

OLO (NYSE:OLO - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.06 by $0.01. OLO had a net margin of 1.09% and a return on equity of 1.46%. The firm had revenue of $80.68 million for the quarter, compared to analyst estimates of $77.47 million. During the same period last year, the firm earned $0.05 EPS. The business's quarterly revenue was up 21.3% compared to the same quarter last year. On average, sell-side analysts forecast that Olo Inc. will post -0.03 EPS for the current fiscal year.

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.