Acadian Asset Management LLC Sells 384,161 Shares of Olo Inc. $OLO

Key Points

• Acadian Asset Management LLC has significantly reduced its holdings in Olo Inc. by 67.3%, selling 384,161 shares and now owning only 186,895 shares worth $1,125,000.
• Multiple analysts have recently downgraded OLO's rating, with Piper Sandler setting a new target price of $10.25, indicating a "neutral" stance.
• Insider sales have occurred, including COO Joanna G. Lambert, who sold 38,275 shares at $10.25, reducing her holdings by 4.14%.

Acadian Asset Management LLC lessened its stake in shares of Olo Inc. (NYSE:OLO - Free Report) by 67.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 186,895 shares of the company's stock after selling 384,161 shares during the quarter. Acadian Asset Management LLC owned about 0.11% of OLO worth $1,125,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in OLO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of OLO by 3.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,482 shares of the company's stock worth $457,000 after purchasing an additional 1,740 shares in the last quarter. State of Wyoming grew its holdings in shares of OLO by 6.6% during the first quarter. State of Wyoming now owns 42,286 shares of the company's stock worth $255,000 after purchasing an additional 2,612 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of OLO by 2.8% during the fourth quarter. California State Teachers Retirement System now owns 97,847 shares of the company's stock worth $751,000 after purchasing an additional 2,666 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its holdings in shares of OLO by 13.2% during the first quarter. Dynamic Technology Lab Private Ltd now owns 25,071 shares of the company's stock worth $151,000 after purchasing an additional 2,922 shares in the last quarter. Finally, Diversified Trust Co grew its holdings in shares of OLO by 12.8% during the first quarter. Diversified Trust Co now owns 33,343 shares of the company's stock worth $201,000 after purchasing an additional 3,793 shares in the last quarter. Hedge funds and other institutional investors own 93.40% of the company's stock.

OLO Stock Performance

NYSE:OLO remained flat at $10.26 during mid-day trading on Friday. The business's 50 day moving average is $10.25 and its 200-day moving average is $8.56. The firm has a market capitalization of $1.74 billion, a PE ratio of 28.50 and a beta of 1.58. 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 earnings results on Monday, August 4th. The company reported $0.07 earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.01). The firm had revenue of $85.72 million during the quarter, compared to the consensus estimate of $82.23 million. OLO had a positive return on equity of 2.13% and a negative net margin of 0.28%.The business's quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 EPS. On average, sell-side analysts predict that Olo Inc. will post -0.03 earnings per share for the current fiscal year.

Insider Transactions at OLO

In other OLO news, insider Sherri Manning sold 5,608 shares of the business's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $10.25, for a total value of $57,482.00. Following the completion of the sale, the insider owned 292,318 shares in the company, valued at approximately $2,996,259.50. The trade was a 1.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Peter J. Benevides sold 29,269 shares of the business's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $10.25, for a total value of $300,007.25. Following the completion of the sale, the chief financial officer owned 672,792 shares of the company's stock, valued at $6,896,118. The trade was a 4.17% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,623 shares of company stock valued at $1,041,336. Insiders own 38.41% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on OLO. Wall Street Zen lowered OLO from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Lake Street Capital lowered OLO from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 3rd. Royal Bank Of Canada reissued a "sector perform" rating and set a $10.25 price objective on shares of OLO in a report on Monday, July 7th. Truist Financial lowered OLO from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Finally, Piper Sandler boosted their target price on OLO from $8.00 to $10.25 and gave the stock a "neutral" rating in a research report on Monday, July 7th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $10.17.

OLO Profile

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.