OLO (NYSE:OLO) Sets New 1-Year High - Here's Why

Olo Inc. (NYSE:OLO - Get Free Report)'s share price hit a new 52-week high on Wednesday . The company traded as high as $7.07 and last traded at $7.07, with a volume of 3442 shares changing hands. The stock had previously closed at $6.90.

Analysts Set New Price Targets

OLO has been the topic of a number of research analyst reports. Piper Sandler reiterated an "overweight" rating and issued a $8.00 target price on shares of OLO in a report on Thursday, August 1st. StockNews.com raised OLO from a "hold" rating to a "buy" rating in a research report on Wednesday, September 11th. Finally, Lake Street Capital upped their target price on OLO from $8.50 to $9.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st.

OLO Stock Down 3.3 %

The company has a 50-day moving average price of $5.04 and a two-hundred day moving average price of $4.87.

Insider Buying and Selling

In related news, CRO Diego Panama sold 13,555 shares of the business's stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $4.90, for a total value of $66,419.50. Following the transaction, the executive now owns 569,859 shares in the company, valued at approximately $2,792,309.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other OLO news, CFO Peter J. Benevides sold 10,530 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 transaction of $51,597.00. Following the sale, the chief financial officer now owns 414,403 shares in the company, valued at $2,030,574.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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 sale, the executive now owns 569,859 shares in the company, valued at $2,792,309.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,148 shares of company stock worth $554,425. 39.33% of the stock is currently owned by corporate insiders.

Institutional Trading of OLO

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of OLO by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 12,739,568 shares of the company's stock worth $69,940,000 after purchasing an additional 319,544 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of OLO by 52.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,410,528 shares of the company's stock worth $6,996,000 after purchasing an additional 487,919 shares during the period. Renaissance Technologies LLC raised its position in shares of OLO by 17.2% during 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 during the period. Charles Schwab Investment Management Inc. raised 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 worth $5,049,000 after purchasing an additional 127,569 shares during the period. Finally, Millennium Management LLC raised 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 worth $4,404,000 after purchasing an additional 194,735 shares during the period. Institutional investors and hedge funds own 93.40% of the company's stock.

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.