Cornercap Investment Counsel Inc. Has $569,000 Position in Olo Inc. (NYSE:OLO)

Cornercap Investment Counsel Inc. lowered its stake in shares of Olo Inc. (NYSE:OLO) by 39.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 114,748 shares of the company’s stock after selling 74,862 shares during the period. Cornercap Investment Counsel Inc. owned approximately 0.07% of OLO worth $569,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Federated Hermes Inc. increased its stake in OLO by 644,200.0% in the second quarter. Federated Hermes Inc. now owns 6,443 shares of the company’s stock valued at $28,000 after acquiring an additional 6,442 shares during the period. Rockport Wealth LLC bought a new stake in OLO in the first quarter valued at about $55,000. Wallace Advisory Group LLC bought a new stake in OLO in the second quarter valued at about $57,000. Point72 DIFC Ltd increased its stake in OLO by 52.7% in the second quarter. Point72 DIFC Ltd now owns 14,388 shares of the company’s stock valued at $64,000 after acquiring an additional 4,964 shares during the period. Finally, SPC Financial Inc. bought a new stake in OLO in the third quarter valued at about $65,000. Institutional investors and hedge funds own 93.40% of the company’s stock.

Insiders Place Their Bets

In other news, insider Sherri Manning sold 9,356 shares of the stock in a transaction on Friday, September 6th. The shares were 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 owns 148,414 shares of the company’s stock, valued at $727,228.60. This represents a 5.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Noah H. Glass sold 10,423 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $4.90, for a total transaction of $51,072.70. Following the sale, the chief executive officer now directly owns 312,393 shares of the company’s stock, valued at $1,530,725.70. This represents a 3.23 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,148 shares of company stock worth $554,425. Company insiders own 39.33% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on OLO shares. StockNews.com raised shares of OLO from a “hold” rating to a “buy” rating in a research note on Wednesday, September 11th. Piper Sandler reaffirmed an “overweight” rating and set a $8.00 price objective on shares of OLO in a research note on Thursday, August 1st. Finally, Lake Street Capital upped their price objective on shares of OLO from $8.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st.

OLO Price Performance

Shares of NYSE OLO opened at $6.42 on Friday. The company’s 50 day simple moving average is $5.13 and its 200 day simple moving average is $4.90. Olo Inc. has a fifty-two week low of $4.20 and a fifty-two week high of $7.13. The firm has a market capitalization of $1.04 billion, a P/E ratio of -64.19 and a beta of 1.26.

OLO Profile

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.