Oklo (NYSE:OKLO) Shares Gap Up on Strong Earnings

Shares of Oklo Inc. (NYSE:OKLO) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $19.20, but opened at $21.22. Oklo shares last traded at $22.3390, with a volume of 3,921,148 shares changing hands.

The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.05. The company had revenue of $1.86 million for the quarter, compared to the consensus estimate of $1.03 million. During the same quarter last year, the company earned ($0.20) EPS.

More Oklo News

Here are the key news stories impacting Oklo this week:

• Positive Sentiment: Oklo announced a strategic agreement with U.S. Forged Rings to access planned domestic manufacturing capacity for large reactor components. The arrangement is intended to help address potential supply bottlenecks as the company deploys its Aurora powerhouses. Manufacturing agreement
• Positive Sentiment: Several reports characterized Q3 adjusted loss per share as slightly better than analysts expected, helping support the positive reaction to earnings. MarketBeat also reported revenue of $1.86 million versus a $1.03 million estimate. Q3 earnings coverage
• Neutral Sentiment: Coverage was not consistent on the quarter: Zacks reported a $0.28-per-share loss versus a $0.29 consensus, but said revenue missed estimates. The conflicting revenue accounts make the quarter’s top-line performance less clear. Zacks Q3 results report
• Negative Sentiment: The reported loss was larger than a year earlier, while Oklo’s revenue remains small. That leaves the company dependent on successfully developing and commercializing its future projects. Q3 results and business update

Analyst Upgrades and Downgrades

OKLO has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and set a $90.00 price target on shares of Oklo in a report on Monday, August 10th. Wedbush started coverage on Oklo in a research report on Tuesday. They set an “outperform” rating and a $36.00 price objective for the company. Truist Financial reduced their price objective on Oklo from $51.00 to $31.00 and set a “hold” rating for the company in a research report on Thursday, October 22nd. Barclays lowered their target price on Oklo from $76.00 to $59.00 and set an “overweight” rating on the stock in a report on Tuesday, October 20th. Finally, TD Cowen assumed coverage on Oklo in a research report on Monday, October 26th. They issued a “hold” rating and a $26.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $69.72.

Insider Transactions at Oklo

In related news, insider Alexandra Renner sold 1,068 shares of Oklo stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $26.71, for a total transaction of $28,526.28. Following the transaction, the insider owned 593,750 shares in the company, valued at approximately $15,859,062.50. The trade was a 0.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John Hanson sold 1,034 shares of the company’s stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $26.71, for a total transaction of $27,618.14. Following the completion of the transaction, the insider directly owned 361,277 shares of the company’s stock, valued at $9,649,708.67. This represents a 0.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 350,203 shares of company stock valued at $12,424,945. Company insiders own 12.70% of the company’s stock.

Institutional Investors Weigh In On Oklo

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp bought a new position in shares of Oklo during the second quarter worth $24,532,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Oklo during the third quarter valued at $11,483,000. United Capital Management of KS Inc. purchased a new position in Oklo during the third quarter valued at $9,406,000. Bank of America Corp DE increased its holdings in Oklo by 55.3% in the 1st 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 last quarter. Finally, Hsbc Holdings PLC increased its holdings in Oklo by 1,184.4% in the 4th quarter. Hsbc Holdings PLC now owns 112,372 shares of the company’s stock valued at $8,063,000 after acquiring an additional 103,623 shares during the last quarter. 85.03% of the stock is owned by institutional investors.

Oklo Stock Performance

The company has a market capitalization of $4.27 billion, a P/E ratio of -24.41 and a beta of 1.31. The business’s fifty day simple moving average is $33.94 and its 200-day simple moving average is $52.69.

About Oklo

Oklo Inc is an advanced nuclear technology company developing compact fission power plants designed to provide reliable, carbon-free electricity. Its flagship product, the Aurora powerhouse, is a small modular reactor intended to operate with a high degree of fuel efficiency and to supply power directly to customers such as utilities, industrial facilities, data centers and other energy-intensive operations.

The company is also developing fuel-recycling capabilities intended to convert used nuclear fuel and other material into fuel for advanced reactors.