NL2 - Is this a bad fold

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NL2 - Is this a bad fold

Blinds: $0.01/$0.02 (9 Players) BB: $1.47
UTG: $2.36 (Hero)
UTG+1: $2.38
MP: $2.00
MP+1: $0.72
MP+2: $0.74
CO: $2.95
BN: $2.77
SB: $2.08
CO [VPIP: 25,5% | PFR: 8,5% | Hands: 47]
Preflop ($0.03) Hero is UTG with 8 8
Hero raises to $0.06, 2 folds, MP+1 calls $0.06, MP+2 calls $0.06, CO calls $0.06, 2 folds, BB calls $0.04
Flop ($0.31) 5 4 8
BB checks, Hero bets $0.23, MP+1 folds, MP+2 folds, CO calls $0.23, BB folds
Turn ($0.77) 5 4 8 9
Hero bets $0.56, CO raises to $2.66 and is all in, Hero folds
Final Pot CO wins $1.82
Rake is $0.07

I thought that he might had 76s or 99. Was this a horrible fold right? Didn't consider that he might go all in with 44 or 55. Does he go with those, right?

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