Norges Bank Buys Shares of 674,564 Olo Inc. (NYSE:OLO)

Norges Bank bought a new position in Olo Inc. (NYSE:OLO - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 674,564 shares of the company's stock, valued at approximately $5,181,000. Norges Bank owned approximately 0.41% of OLO at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Arizona State Retirement System lifted its stake in OLO by 5.1% during the fourth quarter. Arizona State Retirement System now owns 30,358 shares of the company's stock valued at $233,000 after buying an additional 1,464 shares in the last quarter. Tandem Financial LLC purchased a new stake in shares of OLO in the 4th quarter valued at approximately $26,000. Global Retirement Partners LLC acquired a new position in OLO in the 4th quarter worth approximately $27,000. SBI Securities Co. Ltd. purchased a new position in OLO during the 4th quarter worth approximately $35,000. Finally, Amundi raised its stake in OLO by 93.0% during the 4th quarter. Amundi now owns 14,740 shares of the company's stock valued at $112,000 after purchasing an additional 7,101 shares during the period. 93.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on OLO shares. Piper Sandler reaffirmed a "neutral" rating and issued a $8.00 target price on shares of OLO in a research report on Wednesday, January 8th. Royal Bank of Canada raised their price objective on OLO from $8.00 to $9.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Finally, StockNews.com downgraded OLO from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th.

OLO Stock Performance

Shares of NYSE OLO traded up $0.09 during mid-day trading on Tuesday, reaching $6.16. The company had a trading volume of 101,213 shares, compared to its average volume of 1,273,806. Olo Inc. has a twelve month low of $4.20 and a twelve month high of $8.35. The stock's 50 day moving average is $6.51 and its 200-day moving average is $6.59. The stock has a market capitalization of $1.02 billion, a PE ratio of -61.54 and a beta of 1.42.

OLO (NYSE:OLO - Get Free Report) last posted its earnings results on Tuesday, February 25th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.06). The business had revenue of $76.07 million during the quarter, compared to the consensus estimate of $72.76 million. OLO had a positive return on equity of 0.34% and a negative net margin of 5.89%. On average, sell-side analysts anticipate that Olo Inc. will post -0.03 EPS for the current year.

OLO Profile

Olo, Inc engages in the provision of cloud-based, on-demand commerce platform for multi-location restaurant brands. It enables digital ordering and delivery. The company was founded in 2005 and is headquartered in New York, NY.