OLO (NYSE:OLO) Hits New 52-Week High – Still a Buy?

Olo Inc. (NYSE:OLO)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $7.15 and last traded at $7.14, with a volume of 198307 shares trading hands. The stock had previously closed at $7.00.

Analyst Upgrades and Downgrades

OLO has been the subject of several recent analyst reports. StockNews.com lowered shares of OLO from a “buy” rating to a “hold” rating in a report on Friday. Piper Sandler reaffirmed an “overweight” rating and set a $8.00 price target on shares of OLO in a report on Thursday, August 1st. Finally, Lake Street Capital boosted their price objective on OLO from $8.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st.

OLO Stock Performance

The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -71.70 and a beta of 1.26. The firm’s 50-day simple moving average is $5.32 and its two-hundred day simple moving average is $4.97.

Insider Transactions at OLO

In other OLO news, insider Sherri Manning sold 9,356 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 transaction of $45,844.40. Following the completion of the sale, the insider now directly owns 148,414 shares of the company’s stock, valued at approximately $727,228.60. The trade was a 5.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Joanna G. Lambert sold 67,403 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $4.90, for a total transaction of $330,274.70. Following the completion of the transaction, the chief operating officer now directly owns 591,646 shares in the company, valued at $2,899,065.40. This trade represents a 10.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 113,148 shares of company stock worth $554,425 over the last 90 days. 39.33% of the stock is owned by insiders.

Institutional Trading of OLO

Several institutional investors and hedge funds have recently made changes to their positions in OLO. Vanguard Group Inc. grew its stake in shares of OLO by 2.6% during the first 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. Renaissance Technologies LLC grew 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 buying an additional 171,700 shares during the period. Cubist Systematic Strategies LLC increased its stake in shares of OLO by 154.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 567,864 shares of the company’s stock valued at $2,510,000 after acquiring an additional 344,676 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of OLO in the 2nd quarter valued at approximately $249,000. Finally, Clearline Capital LP boosted its stake in OLO by 325.8% during the 2nd quarter. Clearline Capital LP now owns 169,737 shares of the company’s stock worth $750,000 after acquiring an additional 129,874 shares during the last quarter. Institutional investors own 93.40% of the company’s stock.

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.