Cornerstone Investment Partners LLC bought a new position in shares of Olo Inc. (NYSE:OLO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 26,075 shares of the company's stock, valued at approximately $157,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in OLO by 274.6% during the 1st quarter. Bank of New York Mellon Corp now owns 1,351,488 shares of the company's stock worth $8,163,000 after buying an additional 990,719 shares during the last quarter. Calamos Advisors LLC purchased a new position in OLO during the 1st quarter worth approximately $63,000. Principal Financial Group Inc. grew its stake in OLO by 104.3% during the 1st quarter. Principal Financial Group Inc. now owns 199,874 shares of the company's stock worth $1,207,000 after buying an additional 102,063 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in OLO by 173.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 100,286 shares of the company's stock worth $606,000 after buying an additional 63,678 shares during the last quarter. Finally, Diversified Trust Co grew its stake in OLO by 12.8% during 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. Institutional investors and hedge funds own 93.40% of the company's stock.
OLO Price Performance
Shares of OLO stock traded down $0.02 during midday trading on Friday, hitting $10.12. The company had a trading volume of 4,047,875 shares, compared to its average volume of 1,576,711. The company's 50 day simple moving average is $8.89 and its 200 day simple moving average is $7.54. Olo Inc. has a 52-week low of $4.53 and a 52-week high of $10.15. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 506.25 and a beta of 1.57.
OLO (NYSE:OLO - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.01. OLO had a return on equity of 1.46% and a net margin of 1.09%. The firm had revenue of $80.68 million for the quarter, compared to the consensus estimate of $77.47 million. During the same period in the previous year, the business earned $0.05 earnings per share. The company's revenue for the quarter was up 21.3% compared to the same quarter last year. Analysts anticipate that Olo Inc. will post -0.03 EPS for the current year.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on OLO shares. Piper Sandler raised their price target on OLO from $8.00 to $10.25 and gave the stock a "neutral" rating in a research note on Monday, July 7th. Truist Financial downgraded OLO from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. Wall Street Zen downgraded OLO from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $10.25 target price on shares of OLO in a research note on Monday, July 7th. Finally, Lake Street Capital downgraded OLO from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 3rd. Five research analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $10.17.
Get Our Latest Research Report on OLO
Insider Transactions at OLO
In related news, CFO Peter J. Benevides sold 23,078 shares of OLO stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $8.80, for a total value of $203,086.40. Following the sale, the chief financial officer directly owned 702,061 shares in the company, valued at $6,178,136.80. The trade was a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 completion of the sale, the insider owned 386,516 shares in the company, valued at approximately $3,401,340.80. This trade represents a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 98,630 shares of company stock valued at $864,454. 39.33% of the stock is owned by company insiders.
OLO Profile
(
Free Report)
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.
Further Reading
Before you consider OLO, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and OLO wasn't on the list.
While OLO currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
