Teacher Retirement System of Texas Trims Stock Position in Olo Inc. (NYSE:OLO)

Teacher Retirement System of Texas lessened its holdings in Olo Inc. (NYSE:OLO - Free Report) by 33.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,035 shares of the company's stock after selling 38,858 shares during the period. Teacher Retirement System of Texas' holdings in OLO were worth $465,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of OLO. SMI Advisory Services LLC bought a new stake in shares of OLO during the first quarter valued at approximately $62,000. Envestnet Asset Management Inc. bought a new position in OLO in the fourth quarter valued at approximately $80,000. Franklin Resources Inc. bought a new position in OLO in the fourth quarter valued at approximately $81,000. TFJ Management LLC bought a new position in OLO in the fourth quarter valued at approximately $107,000. Finally, Amundi raised its holdings in OLO by 93.0% in the fourth quarter. Amundi now owns 14,740 shares of the company's stock worth $112,000 after purchasing an additional 7,101 shares during the period. Institutional investors and hedge funds own 93.40% of the company's stock.

Insider Transactions at OLO

In related news, COO Joanna G. Lambert sold 38,614 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $8.80, for a total transaction of $339,803.20. Following the transaction, the chief operating officer directly owned 925,146 shares of the company's stock, valued at $8,141,284.80. This represents a 4.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Peter J. Benevides sold 23,078 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $8.80, for a total transaction of $203,086.40. Following the transaction, the chief financial officer directly owned 702,061 shares in the company, valued at approximately $6,178,136.80. This represents a 3.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 98,630 shares of company stock worth $864,454. 39.33% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on OLO shares. Royal Bank Of Canada restated a "sector perform" rating and set a $10.25 price objective on shares of OLO in a report on Monday, July 7th. Piper Sandler raised their price objective on shares of OLO from $8.00 to $10.25 and gave the stock a "neutral" rating in a report on Monday, July 7th. Wall Street Zen lowered 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 report on Thursday, July 3rd. Finally, Truist Financial lowered shares of OLO from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, OLO currently has an average rating of "Hold" and a consensus target price of $10.17.

OLO Stock Performance

Shares of OLO stock traded down $0.01 on Friday, reaching $10.12. 3,609,359 shares of the stock were exchanged, compared to its average volume of 1,623,438. The firm's 50 day moving average is $9.13 and its 200-day moving average is $7.62. Olo Inc. has a one year low of $4.56 and a one year high of $10.16. The firm has a market cap of $1.68 billion, a PE ratio of 506.25 and a beta of 1.57.

OLO (NYSE:OLO - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.01. The company had revenue of $80.68 million during the quarter, compared to the consensus estimate of $77.47 million. OLO had a net margin of 1.09% and a return on equity of 1.46%. The firm's quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.05 EPS. On average, equities research analysts expect that Olo Inc. will post -0.03 EPS 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.