OLO (NYSE:OLO) Sets New 1-Year High After Analyst Upgrade

Shares of Olo Inc. (NYSE:OLO) reached a new 52-week high during mid-day 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 trading hands. The stock had previously closed at $8.12.

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

Institutional Trading of OLO

Several institutional investors and hedge funds have recently modified their holdings of OLO. Federated Hermes Inc. grew its stake in shares of OLO by 644,200.0% in the 2nd quarter. Federated Hermes Inc. now owns 6,443 shares of the company’s stock worth $28,000 after acquiring an additional 6,442 shares in the last quarter. Wallace Advisory Group LLC purchased a new stake in OLO in the 2nd quarter valued at about $57,000. SPC Financial Inc. bought a new position in shares of OLO during the 3rd quarter worth approximately $65,000. Point72 DIFC Ltd boosted its stake in shares of OLO by 52.7% in the 2nd quarter. Point72 DIFC Ltd now owns 14,388 shares of the company’s stock worth $64,000 after buying an additional 4,964 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of OLO in the third quarter valued at approximately $74,000. 93.40% of the stock is owned by hedge funds and other institutional investors.

OLO Stock Down 2.4 %

The stock has a 50-day moving average of $7.04 and a 200 day moving average of $5.65. The company has a market capitalization of $1.29 billion, a PE ratio of -78.69 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.