Corebridge Financial Inc. Reduces Stake in Olo Inc. (NYSE:OLO)

Corebridge Financial Inc. cut its stake in shares of Olo Inc. (NYSE:OLO) by 7.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,083 shares of the company’s stock after selling 3,932 shares during the period. Corebridge Financial Inc.’s holdings in OLO were worth $400,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Tandem Financial LLC bought a new position in shares of OLO during the 4th quarter valued at approximately $26,000. Global Retirement Partners LLC bought a new stake in shares of OLO in the 4th quarter worth about $27,000. SBI Securities Co. Ltd. purchased a new position in shares of OLO during the 4th quarter worth about $35,000. Amundi grew its holdings in OLO by 93.0% during the 4th quarter. Amundi now owns 14,740 shares of the company’s stock valued at $112,000 after purchasing an additional 7,101 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in OLO in the 3rd quarter worth about $74,000. 93.40% of the stock is owned by institutional investors.

OLO Stock Up 8.2 %

OLO opened at $6.32 on Thursday. The stock’s fifty day moving average is $6.58 and its two-hundred day moving average is $6.55. The company has a market capitalization of $1.05 billion, a P/E ratio of -63.19 and a beta of 1.42. Olo Inc. has a 52 week low of $4.20 and a 52 week high of $8.35.

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

Wall Street Analysts Forecast Growth

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

OLO Profile

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.