Cresset Asset Management LLC Trims Stock Holdings in Olo Inc. $OLO

Key Points

• Cresset Asset Management LLC has significantly reduced its stake in Olo Inc. by 60.4%, owning only 41,005 shares after selling 62,620 shares in the first quarter.
• Other institutional investors have shown mixed activity with OLO, as Nuveen LLC made a substantial new investment worth approximately $15.3 million, while others like Bank of New York Mellon Corp increased their holdings by 274.6% during the same period.
• OLO reported a revenue of $85.72 million for the last quarter, an increase of 21.6% year-over-year, though it missed EPS expectations, posting $0.07 against a forecast of $0.08.

Cresset Asset Management LLC decreased its position in Olo Inc. (NYSE:OLO - Free Report) by 60.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,005 shares of the company's stock after selling 62,620 shares during the quarter. Cresset Asset Management LLC's holdings in OLO were worth $248,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in OLO by 3.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,482 shares of the company's stock worth $457,000 after buying an additional 1,740 shares in the last quarter. Invesco Ltd. raised its stake in OLO by 1.9% during the 4th 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. California State Teachers Retirement System lifted its stake in shares of OLO by 2.8% in the fourth quarter. California State Teachers Retirement System now owns 97,847 shares of the company's stock valued at $751,000 after buying an additional 2,666 shares during the period. Diversified Trust Co increased its holdings in OLO by 12.8% in the 1st quarter. Diversified Trust Co now owns 33,343 shares of the company's stock valued at $201,000 after buying an additional 3,793 shares during the period. Finally, EP Wealth Advisors LLC lifted its position in shares of OLO by 13.3% during the 4th quarter. EP Wealth Advisors LLC now owns 36,342 shares of the company's stock worth $279,000 after buying an additional 4,260 shares during the period. Institutional investors and hedge funds own 93.40% of the company's stock.

Wall Street Analyst Weigh In

OLO has been the subject of several research analyst reports. Royal Bank Of Canada restated a "sector perform" rating and issued a $10.25 price objective on shares of OLO in a research report on Monday, July 7th. Lake Street Capital downgraded shares of OLO from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 3rd. Piper Sandler boosted their price objective on shares of OLO from $8.00 to $10.25 and gave the stock a "neutral" rating in a research note on Monday, July 7th. Wall Street Zen downgraded OLO from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Truist Financial cut shares of OLO from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $10.17.

OLO Price Performance

Shares of OLO traded up $0.02 during trading hours on Friday, hitting $10.25. The company's stock had a trading volume of 2,042,322 shares, compared to its average volume of 4,249,581. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 146.14 and a beta of 1.58. The business has a 50 day simple moving average of $9.98 and a two-hundred day simple moving average of $8.19. Olo Inc. has a 52-week low of $4.56 and a 52-week high of $10.55.

OLO (NYSE:OLO - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.01). The business had revenue of $85.72 million during the quarter, compared to analysts' expectations of $82.23 million. OLO had a negative net margin of 0.28% and a positive return on equity of 2.13%. The business's revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 EPS. Research analysts predict that Olo Inc. will post -0.03 earnings per share for the current year.

Insider Buying and Selling at OLO

In other OLO news, CFO Peter J. Benevides sold 23,078 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 value of $203,086.40. Following the completion of the sale, the chief financial officer owned 702,061 shares of the company's stock, 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 is accessible through this link. Also, Director Zuhairah Scott Washington sold 10,000 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $8.48, for a total transaction of $84,800.00. Following the transaction, the director owned 68,677 shares in the company, valued at $582,380.96. This represents a 12.71% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 104,630 shares of company stock valued at $925,654. Company insiders own 38.41% of the company's stock.

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.