OLO (NYSE:OLO) Reaches New 12-Month High on Analyst Upgrade

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

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

Institutional Trading of OLO

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in OLO by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,444,805 shares of the company’s stock worth $12,130,000 after acquiring an additional 42,318 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in OLO by 52.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,410,528 shares of the company’s stock worth $6,996,000 after acquiring an additional 487,919 shares during the period. Renaissance Technologies LLC boosted its position in OLO by 17.2% in the second quarter. Renaissance Technologies LLC now owns 1,170,500 shares of the company’s stock worth $5,174,000 after purchasing an additional 171,700 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in OLO by 14.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,017,934 shares of the company’s stock valued at $5,049,000 after purchasing an additional 127,569 shares during the period. Finally, Millennium Management LLC increased its position in shares of OLO by 24.3% during the 2nd quarter. Millennium Management LLC now owns 996,486 shares of the company’s stock valued at $4,404,000 after purchasing an additional 194,735 shares during the last quarter. 93.40% of the stock is owned by institutional investors.

OLO Trading Up 0.7 %

The firm has a 50-day moving average price of $6.92 and a 200-day moving average price of $5.60. The stock has a market capitalization of $1.34 billion, a PE ratio of -81.79 and a beta of 1.42.

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.