Stock Traders Buy Large Volume of Put Options on OLO (NYSE:OLO)

Olo Inc. (NYSE:OLO) saw unusually large options trading on Wednesday. Stock investors purchased 1,245 put options on the company. This represents an increase of approximately 1,456% compared to the typical volume of 80 put options.

Shares of NYSE:OLO opened at $41.23 on Friday. The business’s fifty day moving average is $30.30. OLO has a 52-week low of $22.88 and a 52-week high of $44.89.

OLO (NYSE:OLO) last announced its quarterly earnings results on Tuesday, May 11th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. The company had revenue of $36.12 million for the quarter, compared to analyst estimates of $31.59 million. Research analysts predict that OLO will post -0.07 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. US Bancorp DE acquired a new stake in OLO in the first quarter valued at $263,000. M&T Bank Corp bought a new stake in OLO during the first quarter valued at $1,578,000. Daiwa Securities Group Inc. bought a new stake in OLO during the first quarter valued at $880,000. Blueshift Asset Management LLC bought a new stake in OLO during the first quarter valued at $788,000. Finally, Ghisallo Capital Management LLC bought a new stake in OLO during the first quarter valued at $3,299,000. Institutional investors and hedge funds own 48.81% of the company’s stock.

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group began coverage on OLO in a report on Monday, April 12th. They set a “neutral” rating and a $28.00 price objective for the company. Piper Sandler began coverage on OLO in a research note on Monday, April 12th. They issued an “overweight” rating and a $35.00 price target for the company. JPMorgan Chase & Co. began coverage on OLO in a research note on Monday, April 12th. They issued an “overweight” rating and a $36.00 price target for the company. Royal Bank of Canada began coverage on OLO in a research note on Monday, April 19th. They issued an “outperform” rating and a $32.00 price target for the company. Finally, Truist Securities began coverage on shares of OLO in a research report on Monday, April 12th. They set a “buy” rating and a $34.00 price objective for the company. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $32.00.

About OLO

Olo Inc provides software-as-a-service platform for multi-location restaurants in the United States. The company's platform enables on-demand commerce operations, which cover digital ordering and delivery through online and mobile ordering modules. Its modules include Ordering, an on-demand commerce solution that enables consumers to order directly from and pay restaurants via mobile, web, kiosk, voice, and other digital channels; Dispatch, a fulfillment solution, which enables restaurants to offer, manage, and expand direct delivery; and Rails, an aggregator and channel management solution, which allows restaurants to control and syndicate menu, pricing, location data, and availability.

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