Steel Grove Capital Advisors LLC Grows Stock Position in Olo Inc. (NYSE:OLO)

Steel Grove Capital Advisors LLC lifted its stake in Olo Inc. (NYSE:OLO) by 66.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 28,878 shares of the company’s stock after acquiring an additional 11,485 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in OLO were worth $222,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Arizona State Retirement System grew its holdings in OLO by 5.1% in the fourth quarter. Arizona State Retirement System now owns 30,358 shares of the company’s stock valued at $233,000 after purchasing an additional 1,464 shares during the period. Invesco Ltd. lifted its position in shares of 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 buying an additional 2,261 shares in the last quarter. Tandem Financial LLC acquired a new stake in OLO in the 4th quarter valued at $26,000. Global Retirement Partners LLC purchased a new stake in OLO in the 4th quarter worth $27,000. Finally, SBI Securities Co. Ltd. purchased a new stake in OLO in the 4th quarter worth $35,000. 93.40% of the stock is owned by institutional investors and hedge funds.

OLO Trading Up 2.7 %

NYSE:OLO opened at $6.02 on Wednesday. The company has a market cap of $999.58 million, a P/E ratio of -60.20 and a beta of 1.42. Olo Inc. has a twelve month low of $4.20 and a twelve month high of $8.35. The company’s 50-day moving average price is $6.37 and its 200-day moving average price is $6.62.

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on OLO shares. StockNews.com lowered shares of OLO from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. Royal Bank of Canada boosted their price objective on OLO from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Piper Sandler restated a “neutral” rating and issued a $8.00 target price on shares of OLO in a research report on Wednesday, January 8th.

About OLO

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.