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NEW YORK—Olo Inc. (NYSE:OLO), a restaurant technology company currently valued at approximately $1 billion, has seen its Chief Financial Officer Peter J. Benevides recently sell shares of the company’s Class A common stock, according to a filing with the Securities and Exchange Commission. The stock has experienced significant volatility, declining 9% in the past week while gaining over 27% in the last six months. The transaction, dated March 7, involved the sale of 21,904 shares at a weighted average price of $6.3481, totaling approximately $139,048.
The filing notes that these shares were sold to cover tax withholding obligations related to the vesting and settlement of restricted stock units, rather than as a discretionary trade by Benevides. Following the transaction, Benevides retains ownership of 725,139 shares in Olo Inc.
The shares were sold at prices ranging from $6.205 to $6.535. The complete details of the sales can be obtained from the issuer or the SEC upon request. OLO maintains strong financial health with a current ratio of 7.52 and holds more cash than debt on its balance sheet, positioning it well for future growth.
In other recent news, Olo Inc. reported its fourth-quarter 2024 earnings, revealing a 21% year-over-year revenue increase to $76.1 million, aligning with analyst expectations. The company’s full-year revenue for 2024 reached $284.9 million, marking a 25% increase from the previous year. Olo’s operating income also showed significant growth, rising to $11.5 million in the fourth quarter from $6.8 million the previous year. Meanwhile, Goldman Sachs maintained a Neutral rating on Olo, setting a price target of $8.50, following the company’s announcement that its revenue and EBIT margins surpassed Wall Street forecasts by 5% and 300 basis points, respectively.
Olo has projected its 2025 revenue guidance to be between $333 million and $336 million, with a non-GAAP operating income target of $45.5 million to $47 million. The company’s Olo Pay generated over $70 million in revenue for the year, exceeding initial projections and contributing significantly to the company’s financial success. Additionally, Olo’s first-quarter revenue guidance for 2025 is set to surpass analyst expectations by 1%. The company highlighted the potential of its Catering+ service, which saw multiple brand deployments during the quarter.
Goldman Sachs expressed optimism about the adoption of Olo Pay, the Engage suite, and Catering+, while noting the improvement in Olo’s Rule of 40 profile. Despite these positive developments, Goldman Sachs analysts are looking for increased cross-selling and more meaningful margin improvements in Olo Pay as they continue to monitor the company’s performance.
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