OLO (NYSE:OLO) Shares Gap Up – Here’s Why

Olo Inc. (NYSE:OLO) shares gapped up before the market opened on Wednesday . The stock had previously closed at $6.58, but opened at $7.16. OLO shares last traded at $7.26, with a volume of 918,616 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on OLO shares. Piper Sandler reissued a “neutral” rating and issued a $8.00 price target on shares of OLO in a research report on Wednesday, January 8th. Royal Bank of Canada upped their target price on shares of OLO from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, StockNews.com lowered shares of OLO from a “buy” rating to a “hold” rating in a research report on Tuesday, December 10th.

OLO Stock Performance

The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -69.64 and a beta of 1.41. The business’s 50-day simple moving average is $7.45 and its 200-day simple moving average is $6.30.

OLO (NYSE:OLO) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). OLO had a positive return on equity of 0.34% and a negative net margin of 5.89%. The firm had revenue of $76.07 million for the quarter, compared to the consensus estimate of $72.76 million. On average, analysts forecast that Olo Inc. will post -0.03 earnings per share for the current year.

Institutional Investors Weigh In On OLO

Hedge funds have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in OLO by 20.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 165,173 shares of the company’s stock worth $1,269,000 after purchasing an additional 27,496 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of OLO by 85.6% during the fourth quarter. Two Sigma Advisers LP now owns 1,655,500 shares of the company’s stock worth $12,714,000 after acquiring an additional 763,400 shares in the last quarter. Two Sigma Investments LP lifted its position in OLO by 19.9% in the 4th quarter. Two Sigma Investments LP now owns 1,415,043 shares of the company’s stock valued at $10,868,000 after acquiring an additional 234,797 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of OLO by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 29,504 shares of the company’s stock valued at $227,000 after purchasing an additional 9,709 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its position in OLO by 48.5% during the 4th quarter. Nuveen Asset Management LLC now owns 2,321,232 shares of the company’s stock worth $17,827,000 after acquiring an additional 757,617 shares during the last quarter. Institutional investors and hedge funds own 93.40% of the company’s stock.

OLO Company Profile

Olo, Inc engages in the provision of cloud-based, on-demand commerce platform for multi-location restaurant brands. It enables digital ordering and delivery. The company was founded in 2005 and is headquartered in New York, NY.