Essex Investment Management Co. LLC Trims Position in Olo Inc. (NYSE:OLO)

Essex Investment Management Co. LLC trimmed its holdings in Olo Inc. (NYSE:OLO) by 12.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 393,395 shares of the company’s stock after selling 57,373 shares during the period. Essex Investment Management Co. LLC owned 0.24% of OLO worth $3,021,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in OLO. Connor Clark & Lunn Investment Management Ltd. raised 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 purchasing an additional 487,919 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in OLO by 220.4% during the third quarter. JPMorgan Chase & Co. now owns 558,507 shares of the company’s stock worth $2,770,000 after purchasing an additional 384,196 shares in the last quarter. Landscape Capital Management L.L.C. purchased a new position in OLO during the third quarter worth about $1,600,000. Raymond James Financial Inc. purchased a new position in OLO during the fourth quarter worth about $2,346,000. Finally, Walleye Capital LLC purchased a new position in OLO during the third quarter worth about $1,437,000. 93.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OLO has been the subject of several analyst reports. Royal Bank of Canada increased their price target on shares of OLO from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. StockNews.com cut shares of OLO from a “buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, Piper Sandler restated a “neutral” rating and set a $8.00 target price on shares of OLO in a research report on Wednesday, January 8th.

OLO Trading Down 2.4 %

Shares of OLO opened at $6.44 on Friday. The firm’s 50-day moving average is $7.29 and its two-hundred day moving average is $6.37. Olo Inc. has a twelve month low of $4.20 and a twelve month high of $8.35. The firm has a market capitalization of $1.05 billion, a P/E ratio of -64.34 and a beta of 1.41.

OLO (NYSE:OLO) last issued its earnings results on Tuesday, February 25th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). OLO had a positive return on equity of 0.34% and a negative net margin of 5.89%. The company had revenue of $76.07 million for the quarter, compared to analyst estimates of $72.76 million. Analysts predict that Olo Inc. will post -0.03 EPS for the current year.

OLO Company Profile

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