OLO (NYSE:OLO) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of OLO (NYSE:OLO) from a sell rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “Olo Inc. makes online-ordering technology for restaurants. Olo Inc. is based in New York. “

NYSE OLO opened at $17.28 on Wednesday. OLO has a one year low of $16.69 and a one year high of $49.00. The stock has a 50 day moving average price of $23.66 and a 200-day moving average price of $30.43.

OLO (NYSE:OLO) last released its quarterly earnings results on Tuesday, November 9th. The company reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.01. OLO had a negative return on equity of 2.48% and a negative net margin of 30.84%. The company had revenue of $37.39 million for the quarter, compared to analyst estimates of $36.33 million. On average, sell-side analysts expect that OLO will post -0.07 EPS for the current year.

In other news, CEO Noah H. Glass sold 10,657 shares of the stock in a transaction on Friday, November 5th. The stock was sold at an average price of $28.06, for a total transaction of $299,035.42. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Peter J. Benevides sold 9,000 shares of the stock in a transaction on Thursday, October 28th. The stock was sold at an average price of $26.98, for a total value of $242,820.00. The disclosure for this sale can be found here. Insiders have sold a total of 685,658 shares of company stock worth $19,250,712 in the last 90 days.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Capital Research Global Investors grew its position in shares of OLO by 4.3% during the 3rd quarter. Capital Research Global Investors now owns 4,891,500 shares of the company’s stock worth $146,892,000 after buying an additional 200,000 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of OLO by 16.9% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,921,039 shares of the company’s stock worth $117,749,000 after buying an additional 568,035 shares in the last quarter. Morgan Stanley grew its position in shares of OLO by 141.3% during the 3rd quarter. Morgan Stanley now owns 2,479,489 shares of the company’s stock worth $74,460,000 after buying an additional 1,452,006 shares in the last quarter. Vanguard Group Inc. grew its position in shares of OLO by 76.2% during the 2nd quarter. Vanguard Group Inc. now owns 2,227,954 shares of the company’s stock worth $83,304,000 after buying an additional 963,591 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its position in OLO by 115.4% during the third quarter. Artisan Partners Limited Partnership now owns 1,979,862 shares of the company’s stock valued at $59,455,000 after purchasing an additional 1,060,617 shares in the last quarter. 59.83% of the stock is currently owned by institutional investors and hedge funds.

About OLO

Olo Inc provides software-as-a-service platform for multi-location restaurants in the United States. The company's platform enables on-demand commerce operations, which cover digital ordering and delivery through online and mobile ordering modules. Its modules include Ordering, an on-demand commerce solution that enables consumers to order directly from and pay restaurants via mobile, web, kiosk, voice, and other digital channels; Dispatch, a fulfillment solution, which enables restaurants to offer, manage, and expand direct delivery; and Rails, an aggregator and channel management solution, which allows restaurants to control and syndicate menu, pricing, location data, and availability.

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