OLO (NYSE:OLO) Shares Gap Up – Still a Buy?

Olo Inc. (NYSE:OLO) 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.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OLO. Royal Bank of Canada boosted their price objective on OLO from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Piper Sandler restated a “neutral” rating and issued a $8.00 price target on shares of OLO in a research note on Wednesday, January 8th. Finally, StockNews.com cut OLO from a “buy” rating to a “hold” rating in a research report on Tuesday, December 10th.

OLO Trading Up 5.7 %

The business has a 50-day moving average price of $7.45 and a two-hundred day moving average price of $6.30. The stock has a market capitalization of $1.14 billion, a P/E ratio of -69.64 and a beta of 1.41.

OLO (NYSE:OLO) last issued its quarterly earnings data 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, sell-side analysts forecast that Olo Inc. will post -0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On OLO

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in OLO by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 14,689,381 shares of the company’s stock worth $112,814,000 after buying an additional 415,868 shares during the period. Dimensional Fund Advisors LP increased its holdings in OLO by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,491,755 shares of the company’s stock worth $26,817,000 after acquiring an additional 206,538 shares during the last quarter. Geode Capital Management LLC lifted its holdings in OLO by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 2,466,289 shares of the company’s stock worth $18,945,000 after purchasing an additional 21,484 shares in the last quarter. Nuveen Asset Management LLC grew its position in OLO by 48.5% during the fourth quarter. Nuveen Asset Management LLC now owns 2,321,232 shares of the company’s stock worth $17,827,000 after buying an additional 757,617 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in OLO by 44.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,032,634 shares of the company’s stock worth $15,611,000 after buying an additional 622,106 shares in the last quarter. 93.40% of the stock is currently owned by institutional investors.

About OLO

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.