Short Interest in Olo Inc. (NYSE:OLO) Drops By 27.2%

Key Points

• Olo Inc. (NYSE:OLO) experienced a significant decrease in short interest by 27.2% in July, with the total short interest falling to 3,420,000 shares as of July 31st.
• Insiders at Olo Inc. sold a total of 104,630 shares worth nearly $926,000 over the last three months, indicating a 38.41% insider ownership in the company.
• Despite a 21.6% increase in revenue year-over-year, Olo reported an EPS of $0.07, falling short of analyst estimates, which could affect investor sentiment.

Olo Inc. (NYSE:OLO - Get Free Report) was the recipient of a significant drop in short interest in July. As of July 31st, there was short interest totaling 3,420,000 shares, adropof27.2% from the July 15th total of 4,700,000 shares. Currently,3.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,670,000 shares, the short-interest ratio is currently 0.9 days. Based on an average daily trading volume, of 3,670,000 shares, the short-interest ratio is currently 0.9 days. Currently,3.0% of the shares of the stock are sold short.

OLO Stock Performance

Shares of OLO stock traded up $0.0050 on Friday, reaching $10.2350. The company had a trading volume of 1,704,131 shares, compared to its average volume of 5,304,177. The firm's 50 day moving average price is $9.81 and its two-hundred day moving average price is $8.09. The firm has a market cap of $1.73 billion, a PE ratio of 28.43 and a beta of 1.58. OLO 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 quarterly earnings results on Monday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.01). The company had revenue of $85.72 million during the quarter, compared to analysts' expectations of $82.23 million. OLO had a negative net margin of 0.28% and a positive return on equity of 2.13%. OLO's revenue was up 21.6% on a year-over-year basis. During the same period last year, the firm posted $0.05 earnings per share. As a group, sell-side analysts predict that OLO will post -0.03 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on OLO. Piper Sandler lifted their target price on shares of OLO from $8.00 to $10.25 and gave the stock a "neutral" rating in a research note on Monday, July 7th. Wall Street Zen downgraded shares of OLO from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Lake Street Capital downgraded shares of OLO from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 3rd. Truist Financial downgraded shares of OLO from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $10.25 target price on shares of OLO in a research note on Monday, July 7th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $10.17.

Insider Transactions at OLO

In other news, CFO Peter J. Benevides sold 23,078 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $8.80, for a total value of $203,086.40. Following the transaction, the chief financial officer directly owned 702,061 shares of the company's stock, valued at approximately $6,178,136.80. This trade represents a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Noah H. Glass sold 10,152 shares of OLO stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $8.80, for a total transaction of $89,337.60. Following the transaction, the chief executive officer directly owned 278,202 shares in the company, valued at $2,448,177.60. This trade represents a 3.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 104,630 shares of company stock valued at $925,654. Company insiders own 38.41% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Cullen Frost Bankers Inc. grew its holdings in shares of OLO by 171.6% in the second quarter. Cullen Frost Bankers Inc. now owns 3,430 shares of the company's stock valued at $31,000 after purchasing an additional 2,167 shares in the last quarter. Entropy Technologies LP acquired a new position in OLO during the 2nd quarter worth approximately $92,000. Corient Private Wealth LLC acquired a new position in OLO during the 2nd quarter worth approximately $92,000. Envestnet Asset Management Inc. acquired a new position in OLO during the 4th quarter worth approximately $80,000. Finally, Calamos Advisors LLC acquired a new position in OLO during the 1st quarter worth approximately $63,000. 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.