Bank of New York Mellon Corp Trims Stock Position in Olo Inc. (NYSE:OLO)

Bank of New York Mellon Corp cut its holdings in Olo Inc. (NYSE:OLO) by 12.2% during the 2nd quarter, Holdings Channel reports. The firm owned 1,826,876 shares of the company’s stock after selling 253,568 shares during the period. Bank of New York Mellon Corp’s holdings in OLO were worth $8,075,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of OLO. Los Angeles Capital Management LLC lifted its stake in OLO by 419.6% in the 1st quarter. Los Angeles Capital Management LLC now owns 306,100 shares of the company’s stock valued at $1,680,000 after buying an additional 247,194 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of OLO in the first quarter valued at $1,038,000. Vanguard Group Inc. boosted 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 valued at $69,940,000 after acquiring an additional 319,544 shares during the last quarter. Dimensional Fund Advisors LP increased its position in OLO by 13.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,411,071 shares of the company’s stock worth $19,512,000 after purchasing an additional 416,851 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in OLO in the 2nd quarter valued at about $249,000. 93.40% of the stock is owned by hedge funds and other institutional investors.

OLO Trading Down 3.2 %

NYSE OLO opened at $4.75 on Wednesday. The business’s 50-day moving average price is $4.97 and its 200 day moving average price is $4.95. Olo Inc. has a twelve month low of $4.20 and a twelve month high of $6.84. The company has a market capitalization of $761.65 million, a PE ratio of -16.36 and a beta of 1.27.

OLO (NYSE:OLO) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. OLO had a negative net margin of 9.36% and a negative return on equity of 0.47%. The business had revenue of $70.50 million for the quarter, compared to analyst estimates of $67.79 million. During the same period in the prior year, the firm posted ($0.04) EPS. The company’s revenue was up 27.6% on a year-over-year basis. Equities analysts predict that Olo Inc. will post -0.06 EPS for the current year.

Analyst Ratings Changes

OLO has been the topic of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $8.00 price target on shares of OLO in a research note on Thursday, August 1st. Lake Street Capital raised their target price on shares of OLO from $8.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.67.

Insider Buying and Selling at OLO

In other news, CRO Diego Panama sold 13,555 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $4.90, for a total transaction of $66,419.50. Following the completion of the sale, the executive now directly owns 569,859 shares of the company’s stock, valued at approximately $2,792,309.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Joanna G. Lambert sold 67,403 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $4.90, for a total value of $330,274.70. Following the transaction, the chief operating officer now owns 591,646 shares in the company, valued at $2,899,065.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Diego Panama sold 13,555 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $4.90, for a total transaction of $66,419.50. Following the sale, the executive now owns 569,859 shares of the company’s stock, valued at $2,792,309.10. The disclosure for this sale can be found here. Insiders have sold a total of 113,148 shares of company stock worth $554,425 in the last quarter. 39.33% of the stock is owned by insiders.

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.