OLO (NYSE:OLO) Hits New 12-Month High Following Analyst Upgrade

Olo Inc. (NYSE:OLO) shares reached a new 52-week high 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 trading hands. The stock had previously closed at $8.12.

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

Institutional Trading of OLO

A number of institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its position in OLO by 3.3% in the 2nd quarter. Rhumbline Advisers now owns 153,760 shares of the company’s stock worth $680,000 after buying an additional 4,979 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of OLO in the 2nd quarter worth approximately $227,000. American Century Companies Inc. raised its holdings in shares of OLO by 14.6% during the second quarter. American Century Companies Inc. now owns 150,640 shares of the company’s stock valued at $666,000 after acquiring an additional 19,137 shares in the last quarter. Federated Hermes Inc. lifted its stake in OLO by 644,200.0% in the second quarter. Federated Hermes Inc. now owns 6,443 shares of the company’s stock worth $28,000 after acquiring an additional 6,442 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in OLO by 17.2% in the second quarter. Renaissance Technologies LLC now owns 1,170,500 shares of the company’s stock valued at $5,174,000 after acquiring an additional 171,700 shares in the last quarter. Hedge funds and other institutional investors own 93.40% of the company’s stock.

OLO Stock Down 2.4 %

The company has a market cap of $1.29 billion, a PE ratio of -78.69 and a beta of 1.42. The firm’s 50-day moving average is $7.04 and its 200-day moving average is $5.65.

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.