Oklo (NYSE:OKLO) Shares Down 2.3% – Here’s What Happened

Oklo Inc. (NYSE:OKLO)’s share price fell 2.3% during trading on Tuesday . The company traded as low as $68.77 and last traded at $71.98. 4,478,796 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 17,849,756 shares. The stock had previously closed at $73.64.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on OKLO. Wedbush upped their price target on shares of Oklo from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Craig Hallum lowered shares of Oklo from a “buy” rating to a “hold” rating and set a $59.00 target price on the stock. in a research report on Monday, June 23rd. BNP Paribas Exane initiated coverage on shares of Oklo in a report on Friday, July 25th. They issued an “underperform” rating and a $14.00 target price for the company. William Blair restated an “outperform” rating on shares of Oklo in a report on Tuesday, August 12th. Finally, Citigroup lifted their price objective on Oklo from $30.00 to $68.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.45.

Oklo Price Performance

The company has a market cap of $10.60 billion, a PE ratio of -171.05 and a beta of 0.59. The firm has a 50-day simple moving average of $67.16 and a two-hundred day simple moving average of $46.17.

Oklo (NYSE:OKLO) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). Equities research analysts forecast that Oklo Inc. will post -8.2 EPS for the current year.

Insider Buying and Selling

In other Oklo news, CEO Jacob Dewitte sold 300,000 shares of the business’s stock in a transaction on Monday, June 30th. The stock was sold at an average price of $55.20, for a total value of $16,560,000.00. Following the completion of the transaction, the chief executive officer directly owned 10,105,098 shares in the company, valued at approximately $557,801,409.60. The trade was a 2.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael Stuart Klein sold 150,000 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $62.74, for a total value of $9,411,000.00. Following the transaction, the director directly owned 250,000 shares in the company, valued at approximately $15,685,000. This represents a 37.50% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 600,000 shares of company stock valued at $35,066,500. Company insiders own 18.90% of the company’s stock.

Hedge Funds Weigh In On Oklo

Several institutional investors have recently added to or reduced their stakes in the business. Caldwell Sutter Capital Inc. acquired a new stake in Oklo in the 2nd quarter worth about $25,000. Private Trust Co. NA purchased a new position in shares of Oklo during the 2nd quarter worth about $25,000. Fourth Dimension Wealth LLC lifted its holdings in shares of Oklo by 125.0% during the 2nd quarter. Fourth Dimension Wealth LLC now owns 450 shares of the company’s stock worth $25,000 after acquiring an additional 250 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in shares of Oklo in the second quarter worth approximately $28,000. Finally, CoreCap Advisors LLC purchased a new stake in Oklo in the fourth quarter valued at approximately $32,000. 85.03% of the stock is currently owned by institutional investors and hedge funds.

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.