Olo (OLO) Revenue Grew 25% Year-Over-Year
Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Micro Cap Composite rose 2.93% net of fees in the first quarter, compared to the Russell Microcap Growth Index’s 0.76% return. The Strategy posted 10.45% annualized returns since its inception at the end of 2019. Both positive stock selection and sector allocation equally contributed to the relative outperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Micro Cap Strategy highlighted stocks like Olo Inc. (NYSE:OLO) in the first quarter 2023 investor letter. Headquartered in New York, New York, Olo Inc. (NYSE:OLO) offers SaaS platform for restaurants. On May 24, 2023, Olo Inc. (NYSE:OLO) stock closed at $7.04 per share. One-month return of Olo Inc. (NYSE:OLO) was 0.14%, and its shares lost 34.33% of their value over the last 52 weeks. Olo Inc. (NYSE:OLO) has a market capitalization of $1.14 billion.
Conestoga Micro Cap Strategy made the following comment about Olo Inc. (NYSE:OLO) in its Q1 2023 investor letter:
"Olo Inc. (NYSE:OLO): OLO reported better-than-expected 4Q results as revenue grew 25% year-over-year. Looking to 2023, OLO is projecting its new payment product to contribute high-teens millions in revenue, growing more quickly than expected. During the quarter, OLO also added Kroger as a customer. Grocery is a new potential vertical with 30,000 locations and over $37 billion in annual gross merchandise value. OLO has done a nice job expanding from its core restaurant base into convenience stores and now grocery."
Olo Inc. (NYSE:OLO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Olo Inc. (NYSE:OLO) at the end of first quarter 2023 which was 18 in the previous quarter.
We discussed Olo Inc. (NYSE:OLO) in another article and shared Conestoga Capital Advisors' views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
