Olo Inc. $OLO Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Olo Inc. by 28.2%, holding 1,121,108 shares worth approximately $6.77 million after selling 440,514 shares in the first quarter.
• Olo's CFO and COO both sold significant shares of the company on September 5th, collectively decreasing their ownership by around 4%, while corporate insiders own 38.41% of the company's stock.
• Olo Inc. reported quarterly earnings of $0.07 per share, missing expectations, but showed a 21.6% increase in revenue year-over-year, with analysts expecting a consensus rating of "Hold" on the stock.

Goldman Sachs Group Inc. lowered its holdings in shares of Olo Inc. (NYSE:OLO - Free Report) by 28.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,121,108 shares of the company's stock after selling 440,514 shares during the period. Goldman Sachs Group Inc. owned 0.68% of OLO worth $6,771,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in OLO by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 15,090,745 shares of the company's stock worth $91,148,000 after purchasing an additional 401,364 shares during the last quarter. Nuveen LLC bought a new stake in OLO during the first quarter worth $15,330,000. Nuveen Asset Management LLC lifted its stake in shares of OLO by 48.5% in the 4th quarter. Nuveen Asset Management LLC now owns 2,321,232 shares of the company's stock valued at $17,827,000 after acquiring an additional 757,617 shares during the last quarter. Broadwood Capital Inc. bought a new position in shares of OLO in the 1st quarter valued at $10,765,000. Finally, Two Sigma Advisers LP lifted its stake in shares of OLO by 85.6% in the 4th quarter. Two Sigma Advisers LP now owns 1,655,500 shares of the company's stock valued at $12,714,000 after acquiring an additional 763,400 shares during the last quarter. 93.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on OLO. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $10.25 target price on shares of OLO in a research report on Monday, July 7th. Truist Financial cut shares of OLO from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Wall Street Zen cut shares of OLO from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Lake Street Capital lowered shares of OLO from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 3rd. Finally, Piper Sandler boosted their price target 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. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $10.17.

Insider Activity

In other news, insider Robert Morvillo sold 10,736 shares of the firm's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $10.25, for a total transaction of $110,044.00. Following the sale, the insider directly owned 375,780 shares in the company, valued at $3,851,745. This trade represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Noah H. Glass sold 11,735 shares of OLO stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $10.25, for a total transaction of $120,283.75. Following the transaction, the chief executive officer directly owned 266,467 shares of the company's stock, valued at approximately $2,731,286.75. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,623 shares of company stock worth $1,041,336. 38.41% of the stock is currently owned by insiders.

OLO Stock Performance

Shares of NYSE:OLO remained flat at $10.26 during trading on Friday. The company's 50-day moving average price is $10.24 and its 200-day moving average price is $8.51. Olo Inc. has a one year low of $4.56 and a one year high of $10.55. The firm has a market capitalization of $1.74 billion, a PE ratio of 28.50 and a beta of 1.58.

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