OLO (NYSE:OLO) Sees Strong Trading Volume - Time to Buy?

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.

Shares of 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 Analysts Forecast Growth

Several brokerages have recently issued reports on OLO. Piper Sandler upped 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. Royal Bank Of Canada reissued a "sector perform" rating and set a $10.25 price objective 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 report on Saturday, July 5th. Lake Street Capital cut shares of OLO from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 3rd. Finally, Truist Financial cut shares of OLO from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 8th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $10.17.

OLO Stock Down 0.5%

The stock's 50 day moving average price is $9.32 and its 200-day moving average price is $7.78. The stock has a market capitalization of $1.73 billion, a PE ratio of 521.51 and a beta of 1.57.

OLO (NYSE:OLO - Get Free Report) last issued its 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 firm had revenue of $80.68 million during the quarter, compared to analyst estimates of $77.47 million. OLO had a net margin of 1.09% and a return on equity of 1.46%. OLO's revenue for the quarter was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.05 earnings per share. On average, analysts forecast that Olo Inc. will post -0.03 earnings per share for the current year.

Insider Activity at OLO

In other OLO news, Director Zuhairah Scott Washington sold 10,000 shares of the stock in a transaction 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 completion of the transaction, 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 Securities & Exchange Commission, which is available through this link. Also, CEO Noah H. Glass sold 10,152 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 $89,337.60. Following the transaction, the chief executive officer owned 278,202 shares of the company's stock, valued at $2,448,177.60. This trade represents a 3.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 98,630 shares of company stock valued at $864,454 in the last ninety days. Corporate insiders own 39.33% of the company's stock.

Institutional Investors Weigh In On OLO

Several institutional investors have recently made changes to their positions in OLO. Cullen Frost Bankers Inc. lifted its holdings in OLO by 171.6% during 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 in the last quarter. Envestnet Asset Management Inc. purchased a new position in OLO during the 4th quarter valued at about $80,000. Calamos Advisors LLC purchased a new position in OLO during the 1st quarter valued at about $63,000. SMI Advisory Services LLC purchased a new position in OLO during the 1st quarter valued at about $62,000. Finally, Franklin Resources Inc. purchased a new position in OLO during the 4th quarter valued at about $81,000. Institutional investors 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.