OLO (NYSE:OLO) Sees Large Volume Increase - What's Next?

Key Points

• Olo Inc. (NYSE:OLO) experienced a significant increase in trading volume, rising by 139% to 4,841,801 shares during mid-day trading.
• Analysts have mixed opinions on OLO, with several downgrades resulting in a consensus rating of "Hold" and an average target price of $10.17.
• The company reported a 21.3% year-over-year increase in revenue, achieving $80.68 million for the quarter and an EPS of $0.07.

Olo Inc. (NYSE:OLO - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 4,841,801 shares were traded during trading, an increase of 139% from the previous session's volume of 2,025,954 shares.The stock last traded at $10.52 and had previously closed at $10.13.

Wall Street Analyst Weigh In

OLO has been the topic of a number of research reports. 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. Piper Sandler raised their price target on OLO from $8.00 to $10.25 and gave the stock a "neutral" rating in a report on Monday, July 7th. Royal Bank Of Canada reissued a "sector perform" rating and set a $10.25 price target on shares of OLO in a report on Monday, July 7th. Finally, Truist Financial lowered OLO from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $10.17.

OLO Trading Down 0.7%

The stock has a fifty day simple moving average of $9.36 and a two-hundred day simple moving average of $7.80. The company has a market cap of $1.73 billion, a PE ratio of 520.76 and a beta of 1.58.

OLO (NYSE:OLO - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.01. OLO had a return on equity of 1.46% and a net margin of 1.09%. The company had revenue of $80.68 million for the quarter, compared to analyst estimates of $77.47 million. During the same quarter in the previous year, the company earned $0.05 EPS. The firm's revenue for the quarter was up 21.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Olo Inc. will post -0.03 EPS for the current fiscal year.

Insider Activity at OLO

In other news, CEO Noah H. Glass sold 10,152 shares of OLO stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $8.80, for a total transaction of $89,337.60. Following the completion of the sale, the chief executive officer directly owned 278,202 shares in the company, valued at approximately $2,448,177.60. This trade represents a 3.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Morvillo sold 10,129 shares of OLO stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $8.80, for a total value of $89,135.20. Following the transaction, the insider owned 386,516 shares of the company's stock, valued at $3,401,340.80. This represents a 2.55% 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 company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of OLO. Nuveen LLC purchased a new stake in OLO in the 1st quarter worth approximately $15,330,000. Broadwood Capital Inc. purchased a new stake in shares of OLO during the 1st quarter valued at $10,765,000. Driehaus Capital Management LLC purchased a new stake in shares of OLO during the 4th quarter valued at $9,691,000. Arrowstreet Capital Limited Partnership grew its stake in shares of OLO by 138.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,895,935 shares of the company's stock valued at $14,561,000 after buying an additional 1,100,307 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of OLO by 274.6% during the 1st quarter. Bank of New York Mellon Corp now owns 1,351,488 shares of the company's stock valued at $8,163,000 after buying an additional 990,719 shares during the period. 93.40% of the stock is currently owned by institutional investors and hedge funds.

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.