Oklo (NYSE:OKLO) Stock Price Down 11% – Here’s What Happened

Oklo Inc. (NYSE:OKLO)’s stock price traded down 11% on Friday . The company traded as low as $56.63 and last traded at $58.2250. 18,312,665 shares changed hands during mid-day trading, an increase of 49% from the average session volume of 12,315,845 shares. The stock had previously closed at $65.39.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on OKLO shares. Wedbush reissued an “outperform” rating and set a $110.00 price objective on shares of Oklo in a report on Tuesday, May 26th. Royal Bank Of Canada set a $80.00 target price on shares of Oklo in a report on Friday, May 22nd. Canaccord Genuity Group cut their price target on shares of Oklo from $175.00 to $125.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. Wolfe Research began coverage on shares of Oklo in a research report on Tuesday, May 19th. They issued a “peer perform” rating on the stock. Finally, Bank of America started coverage on shares of Oklo in a research report on Friday, May 22nd. They issued a “buy” rating and a $80.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Oklo presently has a consensus rating of “Moderate Buy” and an average target price of $83.06.

Oklo Stock Performance

The stock has a market cap of $10.13 billion, a P/E ratio of -69.31 and a beta of 1.10. The company has a 50-day simple moving average of $62.83 and a 200-day simple moving average of $73.51.

Oklo (NYSE:OKLO) last announced its earnings results on Tuesday, May 12th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.01. During the same period in the prior year, the firm posted ($0.07) EPS. As a group, sell-side analysts expect that Oklo Inc. will post -0.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider William Carroll Murphy Goodwin sold 10,548 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $58.04, for a total transaction of $612,205.92. Following the transaction, the insider directly owned 36,175 shares in the company, valued at approximately $2,099,597. This represents a 22.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jacob Dewitte sold 60,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $68.29, for a total transaction of $4,097,400.00. Following the sale, the chief executive officer directly owned 571,533 shares in the company, valued at $39,029,988.57. This trade represents a 9.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 892,669 shares of company stock valued at $55,773,903 in the last 90 days. 18.90% of the stock is currently owned by insiders.

Institutional Trading of Oklo

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC lifted its holdings in Oklo by 56.8% during the 1st quarter. NewEdge Advisors LLC now owns 35,894 shares of the company’s stock worth $1,780,000 after buying an additional 13,002 shares in the last quarter. Optiver Holding B.V. acquired a new stake in shares of Oklo in the 1st quarter valued at $2,414,000. Western Wealth Management LLC bought a new stake in shares of Oklo during the first quarter worth $130,000. Silicon Valley Capital Partners raised its position in shares of Oklo by 155.8% during the first quarter. Silicon Valley Capital Partners now owns 1,862 shares of the company’s stock worth $92,000 after acquiring an additional 1,134 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Oklo by 55.3% during the first quarter. Bank of America Corp DE now owns 620,281 shares of the company’s stock valued at $30,760,000 after acquiring an additional 220,976 shares during the period. Institutional investors and hedge funds own 85.03% of the company’s stock.

Oklo Company Profile

Oklo, Inc is a California-based energy technology company specializing in the design and development of advanced nuclear microreactors. Headquartered in Fremont, the firm focuses on small modular reactor (SMR) technology that leverages fast-neutron fission and liquid-metal cooling to deliver carbon-free power. Oklo’s core objective is to bring compact, factory-built reactors online within a decade, offering a low-footprint alternative to traditional large nuclear plants.

The company’s flagship product, the Aurora microreactor, is a 1.5-megawatt electric (MWe) fast reactor cooled by a sodium alloy.