OLO (NYSE:OLO) Sees Unusually-High Trading Volume - Time to Buy?

Olo Inc. (NYSE:OLO - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 1,746,402 shares traded hands during trading, an increase of 82% from the previous session's volume of 960,505 shares.The stock last traded at $5.04 and had previously closed at $5.19.

Wall Street Analysts Forecast Growth

OLO has been the topic of a number of research analyst reports. StockNews.com upgraded OLO from a "hold" rating to a "buy" rating in a report on Wednesday, September 11th. Lake Street Capital boosted their price target on OLO from $8.50 to $9.00 and gave the company a "buy" rating in a report on Thursday, August 1st. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $8.00 price objective on shares of OLO in a research report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $8.67.

OLO Stock Performance

The business has a 50-day moving average price of $4.99 and a 200 day moving average price of $4.82. The stock has a market capitalization of $829.98 million, a P/E ratio of -34.13 and a beta of 1.27.

OLO (NYSE:OLO - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 EPS for the quarter, hitting analysts' consensus estimates of $0.05. OLO had a negative return on equity of 0.47% and a negative net margin of 9.36%. The firm had revenue of $70.50 million for the quarter, compared to analysts' expectations of $67.79 million. During the same period in the previous year, the firm posted ($0.04) EPS. The business's revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, research analysts forecast that Olo Inc. will post -0.06 earnings per share for the current fiscal year.

Insider Activity at OLO

In related news, insider Sherri Manning sold 9,356 shares of the company's stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $4.90, for a total value of $45,844.40. Following the transaction, the insider now directly owns 148,414 shares of the company's stock, valued at approximately $727,228.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Sherri Manning sold 9,356 shares of the company's stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $4.90, for a total value of $45,844.40. Following the transaction, the insider now directly owns 148,414 shares of the company's stock, valued at approximately $727,228.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CRO Diego Panama sold 13,555 shares of the company's stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $4.90, for a total value of $66,419.50. Following the completion of the transaction, the executive now directly owns 569,859 shares in the company, valued at $2,792,309.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,148 shares of company stock valued at $554,425. 39.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On OLO

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in OLO by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 12,739,568 shares of the company's stock valued at $69,940,000 after buying an additional 319,544 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of OLO by 17.2% in the 2nd quarter. Renaissance Technologies LLC now owns 1,170,500 shares of the company's stock worth $5,174,000 after purchasing an additional 171,700 shares in the last quarter. Millennium Management LLC increased its stake in shares of OLO by 24.3% in the 2nd quarter. Millennium Management LLC now owns 996,486 shares of the company's stock worth $4,404,000 after purchasing an additional 194,735 shares in the last quarter. Silvercrest Asset Management Group LLC increased its stake in OLO by 3.2% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 876,961 shares of the company's stock worth $4,815,000 after buying an additional 26,919 shares in the last quarter. Finally, Algert Global LLC increased its stake in OLO by 114.0% in the 2nd quarter. Algert Global LLC now owns 710,319 shares of the company's stock worth $3,140,000 after buying an additional 378,368 shares in the last quarter. 93.40% of the stock is currently owned by hedge funds and other institutional investors.

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.