Olo Inc. (NYSE:OLO – Get Free Report) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totalling 7,530,000 shares, a decrease of 17.3% from the August 31st total of 9,110,000 shares. Based on an average daily trading volume, of 1,300,000 shares, the short-interest ratio is currently 5.8 days. Approximately 7.6% of the shares of the company are sold short.
OLO Price Performance
NYSE:OLO traded down $0.03 on Friday, reaching $6.07. The stock had a trading volume of 115,183 shares, compared to its average volume of 1,084,971. The company has a market cap of $990.99 million, a price-to-earnings ratio of -18.48 and a beta of 1.24. OLO has a 12-month low of $5.62 and a 12-month high of $9.55. The firm’s fifty day moving average is $6.58 and its two-hundred day moving average is $6.94.
OLO (NYSE:OLO – Get Free Report) last announced its earnings results on Tuesday, August 1st. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $55.25 million for the quarter, compared to analyst estimates of $53.22 million. OLO had a negative net margin of 26.19% and a negative return on equity of 4.19%. As a group, research analysts forecast that OLO will post -0.15 earnings per share for the current fiscal year.
Insider Transactions at OLO
In related news, CFO Peter J. Benevides sold 8,391 shares of OLO stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $6.19, for a total value of $51,940.29. Following the sale, the chief financial officer now directly owns 365,690 shares in the company, valued at $2,263,621.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other OLO news, General Counsel Robert Morvillo sold 4,421 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $6.20, for a total value of $27,410.20. Following the completion of the transaction, the general counsel now directly owns 78,638 shares of the company’s stock, valued at $487,555.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Peter J. Benevides sold 8,391 shares of OLO stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $6.19, for a total transaction of $51,940.29. Following the sale, the chief financial officer now owns 365,690 shares of the company’s stock, valued at $2,263,621.10. The disclosure for this sale can be found here. In the last three months, insiders sold 111,831 shares of company stock valued at $742,106. Corporate insiders own 39.12% of the company’s stock.
Hedge Funds Weigh In On OLO
Several large investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC acquired a new position in shares of OLO during the 4th quarter valued at about $29,000. State of Wyoming increased its position in OLO by 41.7% during the fourth quarter. State of Wyoming now owns 5,317 shares of the company’s stock worth $33,000 after purchasing an additional 1,566 shares during the last quarter. Clear Street Markets LLC purchased a new position in OLO during the fourth quarter worth approximately $40,000. Dark Forest Capital Management LP boosted its holdings in shares of OLO by 485.3% in the 1st quarter. Dark Forest Capital Management LP now owns 5,508 shares of the company’s stock valued at $45,000 after purchasing an additional 4,567 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in shares of OLO by 26.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,544 shares of the company’s stock worth $55,000 after buying an additional 1,799 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities analysts recently issued reports on the company. Piper Sandler lifted their price objective on OLO from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday, August 2nd. JPMorgan Chase & Co. increased their price objective on shares of OLO from $10.00 to $11.00 and gave the company an “overweight” rating in a research note on Wednesday, August 2nd. BTIG Research initiated coverage on shares of OLO in a research report on Thursday, June 15th. They set a “neutral” rating for the company. StockNews.com started coverage on shares of OLO in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Stifel Nicolaus lifted their price objective on OLO from $9.00 to $10.00 and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $10.42.
OLO Company Profile
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.