Magnetar Financial LLC Invests $598,000 in Olo Inc. $OLO

Key Points

• Magnetar Financial LLC has acquired 99,080 shares of Olo Inc., valued at approximately $598,000, representing about 0.06% of the company according to their SEC filing.
• Olo Inc.'s stock opened at $10.25 with a market capitalization of $1.74 billion, while its revenue for the last quarter was up 21.6% year-over-year, despite reporting a loss per share of $0.07.
• Several hedge funds have raised their stakes in Olo recently, with 93.40% of the company's stock now owned by institutional investors.

Magnetar Financial LLC acquired a new position in Olo Inc. (NYSE:OLO - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 99,080 shares of the company's stock, valued at approximately $598,000. Magnetar Financial LLC owned approximately 0.06% of OLO at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of OLO. Nuveen LLC bought a new stake in OLO during the first quarter valued at about $15,330,000. Driehaus Capital Management LLC bought a new stake in OLO during the fourth quarter valued at about $9,691,000. Bank of New York Mellon Corp boosted its holdings in OLO by 274.6% during the first quarter. Bank of New York Mellon Corp now owns 1,351,488 shares of the company's stock valued at $8,163,000 after acquiring an additional 990,719 shares during the period. Two Sigma Advisers LP boosted its holdings in OLO by 85.6% during the fourth 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 period. Finally, Nuveen Asset Management LLC boosted its holdings in OLO by 48.5% during the fourth 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 period. 93.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

OLO Trading Down 0.0%

NYSE:OLO traded down $0.01 during mid-day trading on Friday, hitting $10.26. The company's stock had a trading volume of 9,151,101 shares, compared to its average volume of 3,556,821. Olo Inc. has a fifty-two week low of $4.56 and a fifty-two week high of $10.55. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 146.57 and a beta of 1.58. The stock has a fifty day moving average of $10.15 and a 200-day moving average of $8.31.

OLO (NYSE:OLO - Get Free Report) last posted its quarterly 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 business had revenue of $85.72 million during the quarter, compared to analyst estimates of $82.23 million. During the same period last year, the company earned $0.05 EPS. The business's revenue for the quarter was up 21.6% on a year-over-year basis. On average, equities analysts anticipate that Olo Inc. will post -0.03 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Zuhairah Scott Washington sold 10,000 shares of the stock in a transaction dated 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 of the company's stock, valued at $582,380.96. This represents a 12.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel Harris Meyer sold 6,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $10.20, for a total transaction of $61,200.00. Following the completion of the transaction, the director directly owned 125,324 shares of the company's stock, valued at $1,278,304.80. This trade represents a 4.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,000 shares of company stock valued at $154,510 in the last three months. 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.