Cresset Asset Management LLC Decreases Stake in Olo Inc. $OLO

Cresset Asset Management LLC cut its stake in shares of Olo Inc. (NYSE:OLO) by 60.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,005 shares of the company’s stock after selling 62,620 shares during the quarter. Cresset Asset Management LLC’s holdings in OLO were worth $248,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in OLO during the 1st quarter valued at about $15,330,000. Driehaus Capital Management LLC acquired a new stake in shares of OLO during the fourth quarter worth about $9,691,000. Bank of New York Mellon Corp lifted its holdings in shares of OLO by 274.6% during the first quarter. Bank of New York Mellon Corp now owns 1,351,488 shares of the company’s stock worth $8,163,000 after purchasing an additional 990,719 shares during the period. Two Sigma Advisers LP boosted its position in OLO by 85.6% in the fourth quarter. Two Sigma Advisers LP now owns 1,655,500 shares of the company’s stock valued at $12,714,000 after buying an additional 763,400 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in OLO by 48.5% in the 4th quarter. Nuveen Asset Management LLC now owns 2,321,232 shares of the company’s stock worth $17,827,000 after buying an additional 757,617 shares during the period. Hedge funds and other institutional investors own 93.40% of the company’s stock.

OLO Stock Performance

OLO stock opened at $10.25 on Wednesday. Olo Inc. has a one year low of $4.56 and a one year high of $10.55. The firm’s fifty day moving average is $9.88 and its 200 day moving average is $8.14. The firm has a market cap of $1.74 billion, a PE ratio of 146.29 and a beta of 1.58.

OLO (NYSE:OLO) last posted its earnings results on Monday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.01). OLO had a positive return on equity of 2.13% and a negative net margin of 0.28%.The firm had revenue of $85.72 million for the quarter, compared to analysts’ expectations of $82.23 million. During the same period in the previous year, the company earned $0.05 earnings per share. The company’s revenue was up 21.6% compared to the same quarter last year. Research analysts predict that Olo Inc. will post -0.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on OLO shares. 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 downgraded shares of OLO from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 3rd. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $10.25 price target on shares of OLO in a report on Monday, July 7th. Wall Street Zen lowered OLO from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Finally, Piper Sandler upped their target price on OLO from $8.00 to $10.25 and gave the stock a “neutral” rating in a research note on Monday, July 7th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.17.

Insider Activity at OLO

In other OLO news, insider Robert Morvillo sold 10,129 shares of the firm’s 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 $89,135.20. Following the sale, the insider directly owned 386,516 shares of the company’s stock, valued at approximately $3,401,340.80. This trade represents a 2.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Noah H. Glass sold 10,152 shares of the business’s 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 $89,337.60. Following the completion of the sale, the chief executive officer owned 278,202 shares of the company’s stock, valued at $2,448,177.60. This trade represents a 3.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 104,630 shares of company stock valued at $925,654 in the last ninety days. 38.41% of the stock is currently owned by company insiders.

OLO 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.