Lake Street Capital Forecasts Strong Price Appreciation for OLO (NYSE:OLO) Stock

OLO (NYSE:OLO) had its price target upped by Lake Street Capital from $9.00 to $10.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, StockNews.com downgraded OLO from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th.

OLO Price Performance

OLO stock opened at $8.65 on Friday. OLO has a fifty-two week low of $4.20 and a fifty-two week high of $8.83. The firm’s 50 day simple moving average is $6.39 and its 200-day simple moving average is $6.83. The company has a market cap of $1.44 billion, a P/E ratio of -86.49 and a beta of 1.41.

OLO (NYSE:OLO) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. The firm had revenue of $80.68 million for the quarter, compared to analysts’ expectations of $77.47 million. OLO had a negative net margin of 5.89% and a positive return on equity of 0.34%. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.05 EPS. On average, analysts expect that OLO will post -0.03 EPS for the current fiscal year.

Institutional Investors Weigh In On OLO

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC purchased a new position in shares of OLO during the 4th quarter valued at $9,691,000. Arrowstreet Capital Limited Partnership boosted its position in OLO by 138.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,895,935 shares of the company’s stock valued at $14,561,000 after purchasing an additional 1,100,307 shares during the last quarter. Bank of New York Mellon Corp grew its stake in OLO by 274.6% in the first quarter. Bank of New York Mellon Corp now owns 1,351,488 shares of the company’s stock valued at $8,163,000 after purchasing an additional 990,719 shares in the last quarter. Two Sigma Advisers LP increased its position in OLO by 85.6% in the 4th quarter. Two Sigma Advisers LP now owns 1,655,500 shares of the company’s stock worth $12,714,000 after purchasing an additional 763,400 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its position 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 purchasing an additional 757,617 shares during the last quarter. Hedge funds and other institutional investors own 93.40% of the company’s stock.

About OLO

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.