Olo Inc. (NYSE:OLO) Sees Large Increase 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 significant increase in short interest during the month of August. As of August 15th, there was short interest totaling 5,340,000 shares, anincreaseof56.1% from the July 31st total of 3,420,000 shares. Approximately4.6% of the shares of the stock are sold short. Based on an average trading volume of 3,860,000 shares, the short-interest ratio is presently 1.4 days. Based on an average trading volume of 3,860,000 shares, the short-interest ratio is presently 1.4 days. Approximately4.6% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, Director Zuhairah Scott Washington sold 10,000 shares of OLO stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $8.48, for a total transaction of $84,800.00. Following the sale, the director owned 68,677 shares in the company, valued at $582,380.96. This trade 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 OLO stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $10.20, for a total value of $61,200.00. Following the completion of the transaction, the director owned 125,324 shares of the company's stock, valued at approximately $1,278,304.80. The trade was a 4.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,000 shares of company stock worth $154,510. 38.41% of the stock is owned by company insiders.

Institutional Trading of OLO

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of OLO by 3.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,482 shares of the company's stock worth $457,000 after acquiring an additional 1,740 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of OLO by 2.0% during the fourth quarter. Ameriprise Financial Inc. now owns 672,841 shares of the company's stock valued at $5,167,000 after buying an additional 13,387 shares during the last quarter. ProShare Advisors LLC boosted its stake in OLO by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 29,504 shares of the company's stock valued at $227,000 after buying an additional 9,709 shares in the last quarter. Northern Trust Corp grew its stake in shares of OLO by 8.0% during the fourth quarter. Northern Trust Corp now owns 1,016,295 shares of the company's stock valued at $7,805,000 after purchasing an additional 75,307 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of OLO by 20.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 165,173 shares of the company's stock worth $1,269,000 after buying an additional 27,496 shares during the period. Hedge funds and other institutional investors own 93.40% of the company's stock.

OLO Price Performance

OLO traded down $0.01 on Friday, reaching $10.26. 9,151,101 shares of the company's stock were exchanged, compared to its average volume of 3,390,434. The stock has a market cap of $1.74 billion, a PE ratio of 146.57 and a beta of 1.58. The stock's fifty day moving average price is $10.15 and its 200-day moving average price is $8.31. OLO has a twelve month low of $4.56 and a twelve month high of $10.55.

OLO (NYSE:OLO - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.07 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 firm had revenue of $85.72 million for the quarter, compared to analysts' expectations of $82.23 million. During the same quarter in the prior year, the business earned $0.05 earnings per share. The company's quarterly revenue was up 21.6% on a year-over-year basis. As a group, research analysts predict that OLO will post -0.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.