OLO (NYSE:OLO) Shares Gap Up - Time to Buy?

Shares of Olo Inc. (NYSE:OLO - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $8.91, but opened at $10.10. OLO shares last traded at $10.13, with a volume of 29,249,101 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in 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 downgraded shares of OLO from a "buy" rating to a "hold" rating in a report on Friday, May 30th.

OLO Price Performance

The company has a fifty day simple moving average of $8.47 and a 200-day simple moving average of $7.44. The company has a market cap of $1.68 billion, a P/E ratio of 506.25 and a beta of 1.57.

OLO (NYSE:OLO - Get Free Report) last announced its 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. 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 period in the previous year, the firm earned $0.05 earnings per share. OLO's revenue for the quarter was up 21.3% compared to the same quarter last year. On average, analysts anticipate that Olo Inc. will post -0.03 EPS for the current year.

Insider Buying and Selling at OLO

In other news, insider Sherri Manning sold 5,657 shares of OLO stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $8.80, for a total transaction of $49,781.60. Following the transaction, the insider owned 297,926 shares in the company, valued at approximately $2,621,748.80. The trade was a 1.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Zuhairah Scott Washington sold 10,000 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $8.48, for a total value of $84,800.00. Following the sale, the director owned 68,677 shares of the company's stock, valued at $582,380.96. The trade was a 12.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 98,630 shares of company stock valued at $864,454 over the last three months. 39.33% of the stock is owned by insiders.

Institutional Trading of OLO

Several institutional investors have recently made changes to their positions in OLO. Raymond James Financial Inc. acquired a new position in OLO in the 4th quarter valued at approximately $2,346,000. Norges Bank purchased a new position in shares of OLO during the 4th quarter valued at $5,181,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of OLO by 3.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,482 shares of the company's stock worth $457,000 after acquiring an additional 1,740 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of OLO by 2.0% in the fourth quarter. Ameriprise Financial Inc. now owns 672,841 shares of the company's stock worth $5,167,000 after acquiring an additional 13,387 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of OLO by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 29,504 shares of the company's stock worth $227,000 after acquiring an additional 9,709 shares in the last quarter. 93.40% of the stock is currently owned by institutional investors and hedge funds.

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.