OLO (NYSE:OLO) Sees Unusually-High Trading Volume After Analyst Upgrade

Shares of Olo Inc. (NYSE:OLO - Get Free Report) saw unusually-strong trading volume on Monday after Piper Sandler raised their price target on the stock from $8.00 to $10.25. Piper Sandler currently has a neutral rating on the stock. Approximately 1,989,763 shares changed hands during mid-day trading, an increase of 34% from the previous session's volume of 1,489,285 shares.The stock last traded at $10.12 and had previously closed at $10.12.

Several other analysts also recently commented on the company. Lake Street Capital raised their target price on OLO from $9.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Wall Street Zen cut OLO from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $10.25 price objective on shares of OLO in a research note on Monday. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, OLO has an average rating of "Hold" and an average price target of $10.17.

Insider Activity at OLO

In related news, insider Robert Morvillo sold 10,129 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $8.80, for a total value of $89,135.20. Following the completion of the transaction, the insider directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Peter J. Benevides sold 23,078 shares of the firm's 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 $203,086.40. Following the transaction, the chief financial officer directly owned 702,061 shares of the company's stock, valued at $6,178,136.80. This represents a 3.18% 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 quarter. 39.33% of the stock is currently owned by company insiders.

Institutional Trading of OLO

A number of hedge funds have recently bought and sold shares of OLO. Amanah Holdings Trust bought a new position in OLO in the second quarter worth approximately $3,382,000. Voya Investment Management LLC increased its holdings in shares of OLO by 66.4% in the 1st quarter. Voya Investment Management LLC now owns 56,683 shares of the company's stock worth $342,000 after buying an additional 22,616 shares during the last quarter. SCS Capital Management LLC bought a new position in OLO during the 1st quarter valued at about $146,000. Caxton Associates LLP bought a new position in OLO during the 1st quarter valued at about $363,000. Finally, Dynamic Technology Lab Private Ltd boosted its position in OLO by 13.2% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 25,071 shares of the company's stock valued at $151,000 after buying an additional 2,922 shares during the period. Hedge funds and other institutional investors own 93.40% of the company's stock.

OLO Price Performance

The stock's 50-day moving average price is $8.78 and its 200 day moving average price is $7.50. The firm has a market capitalization of $1.68 billion, a PE ratio of 507.00 and a beta of 1.57.

OLO (NYSE:OLO - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.01. The business had revenue of $80.68 million during the quarter, compared to analysts' expectations of $77.47 million. OLO had a net margin of 1.09% and a return on equity of 1.46%. The business's quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter last year, the company posted $0.05 earnings per share. Equities research analysts forecast that Olo Inc. will post -0.03 earnings per share for the current fiscal year.

OLO Company Profile

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.