Corton Capital Inc. Takes $66,000 Position in Olo Inc. (NYSE:OLO)

Corton Capital Inc. bought a new position in Olo Inc. (NYSE:OLO) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 10,941 shares of the company’s stock, valued at approximately $66,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in OLO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in OLO by 3.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,482 shares of the company’s stock valued at $457,000 after buying an additional 1,740 shares in the last quarter. Invesco Ltd. lifted its stake in OLO by 1.9% during the fourth quarter. Invesco Ltd. now owns 121,611 shares of the company’s stock valued at $934,000 after buying an additional 2,261 shares in the last quarter. California State Teachers Retirement System lifted its stake in OLO by 2.8% during the fourth quarter. California State Teachers Retirement System now owns 97,847 shares of the company’s stock valued at $751,000 after buying an additional 2,666 shares in the last quarter. Diversified Trust Co lifted its stake in OLO by 12.8% during the first quarter. Diversified Trust Co now owns 33,343 shares of the company’s stock valued at $201,000 after buying an additional 3,793 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its stake in OLO by 13.3% during the fourth quarter. EP Wealth Advisors LLC now owns 36,342 shares of the company’s stock valued at $279,000 after buying an additional 4,260 shares in the last quarter. 93.40% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Peter J. Benevides sold 23,078 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $8.80, for a total value of $203,086.40. Following the transaction, the chief financial officer owned 702,061 shares in the company, valued at approximately $6,178,136.80. This represents a 3.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sherri Manning sold 5,657 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $8.80, for a total value of $49,781.60. Following the completion of the transaction, the insider owned 297,926 shares in the company, valued at $2,621,748.80. This represents a 1.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold 98,630 shares of company stock valued at $864,454 over the last ninety days. Insiders own 39.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Lake Street Capital lowered shares of OLO from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 3rd. Wall Street Zen lowered shares of OLO from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $10.25 price objective on shares of OLO in a research note on Monday, July 7th. Piper Sandler upped their price objective on shares of OLO from $8.00 to $10.25 and gave the company a “neutral” rating in a research note on Monday, July 7th. Finally, Truist Financial lowered shares of OLO from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 8th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.17.

OLO Price Performance

NYSE OLO opened at $10.15 on Monday. The company has a 50 day simple moving average of $9.21 and a 200-day simple moving average of $7.70. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 507.50 and a beta of 1.57. Olo Inc. has a 52-week low of $4.56 and a 52-week high of $10.16.

OLO (NYSE:OLO) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The business had revenue of $80.68 million during the quarter, compared to analyst estimates of $77.47 million. OLO had a net margin of 1.09% and a return on equity of 1.46%. The firm’s revenue was up 21.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.05 earnings per share. On average, analysts predict that Olo Inc. will post -0.03 EPS for the current year.

About OLO

Olo, Inc engages in the provision of a cloud-based, on-demand commerce platform for multi-location restaurant brands. It enables digital ordering and delivery. The company was founded by Noah H. Glass on June 1, 2005 and is headquartered in New York, NY.