Cornercap Investment Counsel Inc. Sells 74,862 Shares of Olo Inc. (NYSE:OLO)

Cornercap Investment Counsel Inc. lessened its position in Olo Inc. (NYSE:OLO) by 39.5% in the third quarter, HoldingsChannel.com reports. The fund owned 114,748 shares of the company’s stock after selling 74,862 shares during the period. Cornercap Investment Counsel Inc.’s holdings in OLO were worth $569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Federated Hermes Inc. grew its position in shares of OLO by 644,200.0% in the 2nd quarter. Federated Hermes Inc. now owns 6,443 shares of the company’s stock valued at $28,000 after acquiring an additional 6,442 shares during the period. Rockport Wealth LLC acquired a new stake in shares of OLO during the 1st quarter worth about $55,000. Wallace Advisory Group LLC acquired a new stake in shares of OLO during the 2nd quarter worth about $57,000. SPC Financial Inc. acquired a new stake in shares of OLO during the 3rd quarter worth about $65,000. Finally, Point72 DIFC Ltd lifted its stake in shares of OLO by 52.7% during the 2nd quarter. Point72 DIFC Ltd now owns 14,388 shares of the company’s stock worth $64,000 after buying an additional 4,964 shares during the last quarter. Institutional investors own 93.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on OLO shares. Piper Sandler restated an “overweight” rating and set a $8.00 target price on shares of OLO in a research note on Thursday, August 1st. Lake Street Capital lifted their price objective on shares of OLO from $8.50 to $9.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, StockNews.com upgraded shares of OLO from a “hold” rating to a “buy” rating in a research note on Wednesday, September 11th.

OLO Stock Down 0.8 %

Shares of OLO stock opened at $6.42 on Friday. Olo Inc. has a twelve month low of $4.20 and a twelve month high of $7.13. The company has a 50-day simple moving average of $5.13 and a two-hundred day simple moving average of $4.90. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -64.19 and a beta of 1.26.

Insiders Place Their Bets

In related news, insider Sherri Manning sold 9,356 shares of OLO stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $4.90, for a total transaction of $45,844.40. Following the sale, the insider now directly owns 148,414 shares of the company’s stock, valued at approximately $727,228.60. The trade was a 5.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Noah H. Glass sold 10,423 shares of OLO stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $4.90, for a total transaction of $51,072.70. Following the sale, the chief executive officer now directly owns 312,393 shares in the company, valued at $1,530,725.70. This trade represents a 3.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,148 shares of company stock worth $554,425 in the last quarter. 39.33% of the stock is currently owned by corporate insiders.

About OLO

Olo Inc operates an open SaaS platform for restaurants in the United States. The company’s platform enables on-demand digital commerce operations, which cover digital ordering, delivery, front-of-house management, and payments. Its solutions include Order, a suite of solutions powering restaurant brands’ on-demand commerce operations, enabling digital ordering, delivery, and channel management through ordering, dispatch, rails, switchboard, network, virtual brands, kiosk, catering, and sync modules; Engage, a suite of restaurant-centric marketing solutions optimizing guest lifetime value by strengthening and enhancing the restaurants’ direct guest relationships, through the guest data platform, marketing, sentiment, and host modules; and Pay, a frictionless payment platform that enables restaurants to grow and protect their digital business through customer payment experience that offers advanced fraud prevention to improve authorization rates for valid transactions, and increase basket conversion through its Olo Pay module.