OLO (NYSE:OLO) Reaches New 52-Week High After Analyst Upgrade

Olo Inc. (NYSE:OLO - Get Free Report) reached a new 52-week high during trading on Monday after Royal Bank of Canada raised their price target on the stock from $8.00 to $9.00. Royal Bank of Canada currently has an outperform rating on the stock. OLO traded as high as $8.35 and last traded at $8.23, with a volume of 180953 shares. The stock had previously closed at $8.12.

Separately, StockNews.com downgraded OLO from a "buy" rating to a "hold" rating in a research report on Tuesday, December 10th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OLO. Geode Capital Management LLC lifted its position in OLO by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,444,805 shares of the company's stock valued at $12,130,000 after acquiring an additional 42,318 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of OLO by 52.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,410,528 shares of the company's stock worth $6,996,000 after acquiring an additional 487,919 shares during the period. Renaissance Technologies LLC lifted its stake in 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. Charles Schwab Investment Management Inc. boosted its position in shares of OLO by 14.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,017,934 shares of the company's stock valued at $5,049,000 after acquiring an additional 127,569 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of OLO by 24.3% during the 2nd quarter. Millennium Management LLC now owns 996,486 shares of the company's stock valued at $4,404,000 after purchasing an additional 194,735 shares during the last quarter. 93.40% of the stock is owned by hedge funds and other institutional investors.

OLO Price Performance

The company has a 50-day simple moving average of $6.92 and a 200-day simple moving average of $5.60. The firm has a market cap of $1.32 billion, a PE ratio of -80.39 and a beta of 1.42.

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.