Principal Financial Group Inc. Increases Stake in Olo Inc. (NYSE:OLO)

Principal Financial Group Inc. grew its position in Olo Inc. (NYSE:OLO) by 104.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 199,874 shares of the company’s stock after acquiring an additional 102,063 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of OLO worth $1,207,000 at the end of the most recent reporting period.

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

OLO Price Performance

Shares of NYSE:OLO opened at $10.12 on Friday. The firm has a market capitalization of $1.68 billion, a PE ratio of 506.25 and a beta of 1.57. The firm’s 50-day moving average is $9.13 and its two-hundred day moving average is $7.62. Olo Inc. has a 1 year low of $4.56 and a 1 year high of $10.16.

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

Insider Buying and Selling

In other news, COO Joanna G. Lambert sold 38,614 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 $339,803.20. Following the completion of the sale, the chief operating officer directly owned 925,146 shares of the company’s stock, valued at approximately $8,141,284.80. This represents a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Morvillo sold 10,129 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $8.80, for a total value of $89,135.20. Following the completion of the sale, the insider directly owned 386,516 shares of the company’s stock, valued at $3,401,340.80. The trade was a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 98,630 shares of company stock valued at $864,454 over the last three months. 39.33% of the stock is currently owned by insiders.

Analyst Ratings Changes

OLO has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of OLO from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Truist Financial cut shares of OLO from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 8th. Lake Street Capital cut shares of OLO from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 3rd. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $10.25 target price on shares of OLO in a research note on Monday, July 7th. Finally, Piper Sandler lifted 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. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, OLO currently has a consensus rating of “Hold” and an average target price of $10.17.

OLO Company Profile

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.