OLO (NYSE:OLO) Rating Lowered to “Hold” at StockNews.com

OLO (NYSE:OLO) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

Several other equities research analysts have also commented on the stock. Lake Street Capital boosted their price target on shares of OLO from $8.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Piper Sandler restated an “overweight” rating and set a $8.00 price target on shares of OLO in a research report on Thursday, August 1st.

OLO Price Performance

NYSE OLO traded up $0.17 during trading hours on Friday, reaching $7.17. The company’s stock had a trading volume of 2,088,775 shares, compared to its average volume of 1,030,203. OLO has a 1-year low of $4.20 and a 1-year high of $7.26. The company’s 50-day moving average is $5.32 and its two-hundred day moving average is $4.97. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of -71.69 and a beta of 1.26.

Insiders Place Their Bets

In other OLO news, CFO Peter J. Benevides sold 10,530 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $4.90, for a total transaction of $51,597.00. Following the completion of the sale, the chief financial officer now owns 414,403 shares of the company’s stock, valued at $2,030,574.70. This trade represents a 2.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sherri Manning sold 9,356 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $4.90, for a total value of $45,844.40. Following the completion of the transaction, the insider now directly owns 148,414 shares in the company, valued at approximately $727,228.60. This trade represents a 5.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,148 shares of company stock valued at $554,425 in the last three months. 39.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OLO

A number of hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. raised its position in OLO by 644,200.0% in the second quarter. Federated Hermes Inc. now owns 6,443 shares of the company’s stock valued at $28,000 after purchasing an additional 6,442 shares during the period. Wallace Advisory Group LLC acquired a new position in OLO during the 2nd quarter worth about $57,000. SPC Financial Inc. acquired a new position in OLO during the 3rd quarter worth about $65,000. Point72 DIFC Ltd grew its position in OLO by 52.7% in the 2nd quarter. Point72 DIFC Ltd now owns 14,388 shares of the company’s stock valued at $64,000 after acquiring an additional 4,964 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in OLO during the third quarter worth about $74,000. Hedge funds and other institutional investors own 93.40% of the company’s stock.

About OLO

Olo Inc operates an open SaaS platform for restaurants in the United States. The company’s platform enables on-demand digital commerce operations, which cover digital ordering, delivery, front-of-house management, and payments. Its solutions include Order, a suite of solutions powering restaurant brands’ on-demand commerce operations, enabling digital ordering, delivery, and channel management through ordering, dispatch, rails, switchboard, network, virtual brands, kiosk, catering, and sync modules; Engage, a suite of restaurant-centric marketing solutions optimizing guest lifetime value by strengthening and enhancing the restaurants’ direct guest relationships, through the guest data platform, marketing, sentiment, and host modules; and Pay, a frictionless payment platform that enables restaurants to grow and protect their digital business through customer payment experience that offers advanced fraud prevention to improve authorization rates for valid transactions, and increase basket conversion through its Olo Pay module.