Olo Inc. (NYSE:OLO) Sees Large Increase in Short Interest

Olo Inc. (NYSE:OLO) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 2,530,000 shares, an increase of 30.4% from the August 15th total of 1,940,000 shares. Currently, 9.6% of the company’s stock are short sold. Based on an average trading volume of 704,300 shares, the short-interest ratio is presently 3.6 days.

In related news, insider Deanne Rhynard sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, September 13th. The stock was sold at an average price of $33.45, for a total value of $501,750.00. Following the completion of the sale, the insider now directly owns 20,900 shares in the company, valued at approximately $699,105. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Peter J. Benevides sold 9,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 14th. The stock was sold at an average price of $33.17, for a total value of $298,530.00. Following the completion of the sale, the chief financial officer now owns 9,000 shares of the company’s stock, valued at $298,530. The disclosure for this sale can be found here.

A number of institutional investors have recently made changes to their positions in OLO. HighTower Advisors LLC boosted its holdings in OLO by 5.1% during the second quarter. HighTower Advisors LLC now owns 11,514 shares of the company’s stock valued at $430,000 after purchasing an additional 561 shares in the last quarter. Advisor Group Holdings Inc. increased its position in shares of OLO by 25.1% during the 2nd quarter. Advisor Group Holdings Inc. now owns 4,386 shares of the company’s stock worth $163,000 after purchasing an additional 881 shares in the last quarter. Nellore Capital Management LLC bought a new position in OLO during the 1st quarter valued at about $26,000. JPMorgan Chase & Co. increased its holdings in shares of OLO by 137.4% during the second quarter. JPMorgan Chase & Co. now owns 1,885 shares of the company’s stock worth $70,000 after buying an additional 1,091 shares in the last quarter. Finally, Castleview Partners LLC acquired a new position in shares of OLO in the 2nd quarter worth approximately $47,000. 47.07% of the stock is currently owned by hedge funds and other institutional investors.

OLO stock traded down $1.53 during mid-day trading on Monday, reaching $33.41. The company had a trading volume of 20,483 shares, compared to its average volume of 706,832. OLO has a 52 week low of $22.88 and a 52 week high of $49.00. The stock’s 50 day simple moving average is $36.48.

OLO (NYSE:OLO) last posted its quarterly earnings results on Tuesday, August 10th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.01 by $0.02. The firm had revenue of $35.90 million during the quarter, compared to analyst estimates of $34.17 million. The company’s revenue was up 47.7% on a year-over-year basis. During the same period last year, the company earned $0.05 EPS. As a group, analysts forecast that OLO will post -0.06 earnings per share for the current year.

Several brokerages recently commented on OLO. Stifel Nicolaus upgraded shares of OLO from a “hold” rating to a “buy” rating and lifted their target price for the stock from $27.00 to $41.00 in a report on Wednesday, August 11th. Piper Sandler raised their target price on OLO from $35.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, August 11th. Finally, Royal Bank of Canada raised their target price on OLO from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, August 9th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $36.00.

OLO Company Profile

Olo Inc provides software-as-a-service platform for multi-location restaurants in the United States. The company's platform enables on-demand commerce operations, which cover digital ordering and delivery through online and mobile ordering modules. Its modules include Ordering, an on-demand commerce solution that enables consumers to order directly from and pay restaurants via mobile, web, kiosk, voice, and other digital channels; Dispatch, a fulfillment solution, which enables restaurants to offer, manage, and expand direct delivery; and Rails, an aggregator and channel management solution, which allows restaurants to control and syndicate menu, pricing, location data, and availability.

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