Olo Inc. (NYSE:OLO) Sees Large Growth in Short Interest

Key Points

• Olo Inc. experienced a significant increase in short interest, rising by 56.1% in August to a total of 5,340,000 shares, equating to 4.6% of its shares being sold short.
• Directors of Olo Inc. have recently sold shares, with one director selling 10,000 shares at $8.48 and another selling 6,000 shares at $10.20, indicating a 12.71% and 4.57% decrease in their ownership, respectively.
• Analysts have a consensus rating of "Hold" on Olo Inc. stock, with a target price of $10.17 amid varied opinions on the company’s future performance.

Olo Inc. (NYSE:OLO - Get Free Report) was the target of a large growth in short interest in the month of August. As of August 15th, there was short interest totaling 5,340,000 shares, a growth of 56.1% from the July 31st total of 3,420,000 shares. Currently, 4.6% of the company's shares are sold short. Based on an average trading volume of 3,860,000 shares, the short-interest ratio is currently 1.4 days. Based on an average trading volume of 3,860,000 shares, the short-interest ratio is currently 1.4 days. Currently, 4.6% of the company's shares are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Piper Sandler raised their price target on OLO from $8.00 to $10.25 and gave the stock a "neutral" rating in a research 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. Truist Financial downgraded OLO from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Lake Street Capital downgraded OLO from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 3rd. Finally, Royal Bank Of Canada reissued a "sector perform" rating and issued a $10.25 target price on shares of OLO in a research report on Monday, July 7th. Four research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $10.17.

OLO Trading Up 0.0%

Shares of NYSE:OLO traded up $0.01 during trading on Friday, hitting $10.27. 18,722,042 shares of the company were exchanged, compared to its average volume of 4,146,576. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of 28.51 and a beta of 1.58. OLO has a fifty-two week low of $4.56 and a fifty-two week high of $10.55. The firm has a fifty day moving average price of $10.23 and a two-hundred day moving average price of $8.39.

OLO (NYSE:OLO - Get Free Report) last issued 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 for the quarter, compared to analyst estimates of $82.23 million. OLO had a positive return on equity of 2.13% and a negative net margin of 0.28%.OLO's quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 earnings per share. As a group, research analysts predict that OLO will post -0.03 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Noah H. Glass sold 11,735 shares of the firm's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $10.25, for a total transaction of $120,283.75. Following the sale, the chief executive officer owned 266,467 shares of the company's stock, valued at approximately $2,731,286.75. This trade represents a 4.22% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Joanna G. Lambert sold 38,275 shares of the firm's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $10.25, for a total value of $392,318.75. Following the sale, the chief operating officer directly owned 886,871 shares in the company, valued at $9,090,427.75. The trade was a 4.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,623 shares of company stock worth $1,134,646 over the last ninety days. Company insiders own 38.41% of the company's stock.

Hedge Funds Weigh In On OLO

Institutional investors have recently bought and sold shares of the business. Cullen Frost Bankers Inc. grew its stake in OLO by 171.6% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 3,430 shares of the company's stock valued at $31,000 after buying an additional 2,167 shares during the last quarter. SMI Advisory Services LLC acquired a new position in OLO in the 1st quarter valued at about $62,000. Calamos Advisors LLC acquired a new position in shares of OLO in the first quarter valued at approximately $63,000. Corton Capital Inc. acquired a new position in shares of OLO in the first quarter valued at approximately $66,000. Finally, Entropy Technologies LP acquired a new position in shares of OLO in the second quarter valued at approximately $92,000. Institutional investors and hedge funds own 93.40% 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.