Oklo (NYSE:OKLO) Shares Down 6.7% on Disappointing Earnings

Oklo Inc. (NYSE:OKLO)’s stock price traded down 6.7% during trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $103.64 and last traded at $104.00. 11,077,992 shares traded hands during trading, a decline of 40% from the average session volume of 18,614,582 shares. The stock had previously closed at $111.52.

The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.07).

Wall Street Analysts Forecast Growth

Several research firms have commented on OKLO. UBS Group set a $175.00 price objective on shares of Oklo in a report on Thursday, October 9th. Wedbush upped their price target on shares of Oklo from $80.00 to $150.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. BNP Paribas Exane began coverage on shares of Oklo in a report on Friday, July 25th. They issued an “underperform” rating and a $14.00 price objective for the company. William Blair reissued an “outperform” rating on shares of Oklo in a report on Tuesday, August 12th. Finally, Daiwa Capital Markets raised Oklo from a “neutral” rating to an “outperform” rating in a report on Sunday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $98.14.

Insiders Place Their Bets

In other news, Director Michael Stuart Klein sold 50,000 shares of the company’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $133.76, for a total value of $6,688,000.00. Following the sale, the director directly owned 150,000 shares of the company’s stock, valued at $20,064,000. This represents a 25.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Richard Craig Bealmear sold 7,622 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $101.44, for a total transaction of $773,175.68. Following the transaction, the chief financial officer directly owned 121,913 shares of the company’s stock, valued at approximately $12,366,854.72. This trade represents a 5.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 491,387 shares of company stock valued at $52,698,580. 18.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Oklo

A number of hedge funds have recently bought and sold shares of OKLO. Caldwell Sutter Capital Inc. purchased a new stake in Oklo in the 2nd quarter valued at about $25,000. Private Trust Co. NA acquired a new stake in shares of Oklo during the second quarter valued at about $25,000. Fourth Dimension Wealth LLC increased its position in shares of Oklo by 125.0% during the second quarter. Fourth Dimension Wealth LLC now owns 450 shares of the company’s stock valued at $25,000 after acquiring an additional 250 shares during the last quarter. Armstrong Advisory Group Inc. purchased a new stake in shares of Oklo in the 3rd quarter valued at approximately $27,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Oklo in the 2nd quarter worth approximately $28,000. Hedge funds and other institutional investors own 85.03% of the company’s stock.

Oklo Stock Performance

The stock’s 50-day moving average is $120.41 and its two-hundred day moving average is $79.02. The stock has a market cap of $15.35 billion, a PE ratio of -247.61 and a beta of 0.70.

About Oklo

Oklo Inc designs and develops fission power plants to provide reliable and commercial-scale energy to customers in the United States. It also provides used nuclear fuel recycling services. The company was founded in 2013 and is based in Santa Clara, California.