OLO (NYSE:OLO) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Olo Inc. (NYSE:OLO) experienced a significant increase in trading volume, with 4.6 million shares exchanged, marking an 80% rise from the previous session.
• Wall Street analysts have downgraded OLO's ratings, with the stock now holding a consensus rating of "Hold" and an average price target of $10.17.
• In recent insider transactions, key executives sold significant shares at an average price of $10.25, reducing their holdings in the company.

Shares of Olo Inc. (NYSE:OLO - Get Free Report) saw an uptick in trading volume on Thursday . 4,620,447 shares changed hands during trading, an increase of 80% from the previous session's volume of 2,571,080 shares.The stock last traded at $10.28 and had previously closed at $10.26.

Wall Street Analyst Weigh In

Several brokerages recently commented on OLO. Piper Sandler upped their target price on OLO from $8.00 to $10.25 and gave the company a "neutral" rating in a research report on Monday, July 7th. Wall Street Zen lowered OLO from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Truist Financial lowered OLO from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $10.25 price target on shares of OLO in a report on Monday, July 7th. Finally, Lake Street Capital lowered OLO from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 3rd. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat, OLO has a consensus rating of "Hold" and an average price target of $10.17.

OLO Stock Up 0.1%

The stock has a 50-day moving average of $10.23 and a 200 day moving average of $8.36. The company has a market capitalization of $1.74 billion, a PE ratio of 28.54 and a beta of 1.58.

OLO (NYSE:OLO - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.07 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 the consensus estimate of $82.23 million. OLO had a positive return on equity of 2.13% and a negative net margin of 0.28%.OLO's revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 earnings per share. Equities analysts forecast that Olo Inc. will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling at OLO

In other news, insider Sherri Manning sold 5,608 shares of the firm's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $10.25, for a total transaction of $57,482.00. Following the completion of the transaction, the insider owned 292,318 shares in the company, valued at $2,996,259.50. This trade represents a 1.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Peter J. Benevides sold 29,269 shares of OLO stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $10.25, for a total value of $300,007.25. Following the completion of the transaction, the chief financial officer owned 672,792 shares of the company's stock, valued at approximately $6,896,118. This represents a 4.17% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,623 shares of company stock worth $1,134,646. 38.41% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On OLO

Several hedge funds have recently made changes to their positions in OLO. Cullen Frost Bankers Inc. boosted its stake in shares of OLO by 171.6% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 3,430 shares of the company's stock worth $31,000 after acquiring an additional 2,167 shares in the last quarter. SMI Advisory Services LLC acquired a new stake in OLO in the 1st quarter valued at about $62,000. Calamos Advisors LLC acquired a new stake in shares of OLO during the 1st quarter worth approximately $63,000. Corton Capital Inc. acquired a new stake in shares of OLO during the 1st quarter worth approximately $66,000. Finally, Entropy Technologies LP acquired a new stake in OLO in the 2nd quarter valued at approximately $92,000. 93.40% of the stock is 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.

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