Norges Bank Purchases Shares of 674,564 Olo Inc. (NYSE:OLO)

Norges Bank acquired a new position in Olo Inc. (NYSE:OLO) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 674,564 shares of the company’s stock, valued at approximately $5,181,000.

Several other institutional investors and hedge funds have also recently modified their holdings of OLO. Tandem Financial LLC bought a new position in OLO in the 4th quarter worth $26,000. Global Retirement Partners LLC bought a new position in shares of OLO in the fourth quarter worth about $27,000. SBI Securities Co. Ltd. purchased a new stake in shares of OLO during the fourth quarter worth about $35,000. Amundi raised its stake 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 period. Finally, Point72 Asset Management L.P. purchased a new position in OLO in the 3rd quarter worth approximately $74,000. 93.40% of the stock is currently owned by institutional investors.

OLO Stock Up 8.2 %

OLO stock opened at $6.32 on Thursday. Olo Inc. has a 52-week low of $4.20 and a 52-week high of $8.35. The company has a market cap of $1.05 billion, a price-to-earnings ratio of -63.19 and a beta of 1.42. The firm’s fifty day moving average is $6.58 and its 200 day moving average is $6.55.

OLO (NYSE:OLO) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $76.07 million during the quarter, compared to the consensus estimate of $72.76 million. On average, equities research analysts anticipate that Olo Inc. will post -0.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

OLO Company 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.