Oklo (NYSE:OKLO) Shares Down 7.8% – Here’s What Happened

Oklo Inc. (NYSE:OKLO)’s stock price was down 7.8% during mid-day trading on Tuesday . The company traded as low as $46.95 and last traded at $47.8220. 11,181,970 shares changed hands during trading, a decline of 7% from the average session volume of 12,000,446 shares. The stock had previously closed at $51.84.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OKLO. Tigress Financial began coverage on Oklo in a research note on Monday, April 27th. They issued a “buy” rating and a $130.00 price target for the company. Wolfe Research assumed coverage on shares of Oklo in a research note on Tuesday, May 19th. They issued a “peer perform” rating for the company. HSBC began coverage on shares of Oklo in a report on Thursday, April 23rd. They issued a “buy” rating and a $96.00 price objective for the company. Weiss Ratings raised Oklo from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, May 13th. Finally, UBS Group dropped their price target on Oklo from $60.00 to $55.00 and set a “neutral” rating on the stock in a research report on Thursday, June 11th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $84.18.

Oklo Trading Down 7.8%

The company has a market cap of $8.32 billion, a PE ratio of -56.93 and a beta of 1.14. The firm has a 50 day moving average of $62.85 and a two-hundred day moving average of $67.55.

Oklo (NYSE:OKLO) last released 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 company earned ($0.07) earnings per share. On average, research analysts forecast that Oklo Inc. will post -0.73 EPS for the current year.

Insider Activity at Oklo

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 value of $612,205.92. Following the transaction, the insider 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 filing with the SEC, 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 140,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $52.98, for a total transaction of $7,417,200.00. Following the sale, the chief executive officer owned 478,039 shares in the company, valued at approximately $25,326,506.22. The trade was a 22.65% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 623,629 shares of company stock valued at $40,734,208. 18.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Oklo

A number of hedge funds have recently added to or reduced their stakes in the company. NBC Securities Inc. boosted its position in shares of Oklo by 75.0% during the fourth quarter. NBC Securities Inc. now owns 350 shares of the company’s stock valued at $25,000 after buying an additional 150 shares during the last quarter. Costello Asset Management INC lifted its stake in Oklo by 66.7% during the 1st quarter. Costello Asset Management INC now owns 500 shares of the company’s stock valued at $25,000 after acquiring an additional 200 shares during the period. GAMMA Investing LLC lifted its stake in Oklo by 356.2% during the 4th quarter. GAMMA Investing LLC now owns 365 shares of the company’s stock valued at $26,000 after acquiring an additional 285 shares during the period. Nemes Rush Group LLC purchased a new stake in shares of Oklo during the 3rd quarter valued at about $28,000. Finally, Gilpin Wealth Management LLC bought a new stake in shares of Oklo in the fourth quarter worth approximately $29,000. 85.03% of the stock is currently owned by hedge funds and other institutional investors.

About Oklo

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.