Oklo (NYSE:OKLO) Stock Price Up 11.3% – Here’s What Happened

Oklo Inc. (NYSE:OKLO) shares traded up 11.3% during trading on Thursday . The stock traded as high as $40.65 and last traded at $39.6440. Approximately 17,116,845 shares were traded during mid-day trading, an increase of 51% from the average session volume of 11,326,558 shares. The stock had previously closed at $35.62.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on OKLO. Weiss Ratings restated a “sell (d-)” rating on shares of Oklo in a research report on Friday, August 7th. Canaccord Genuity Group cut their target price on Oklo from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. Bank of America initiated coverage on Oklo in a report on Friday, May 22nd. They set a “buy” rating and a $80.00 price target on the stock. Truist Financial dropped their price objective on shares of Oklo from $55.00 to $51.00 and set a “hold” rating for the company in a research note on Monday, August 10th. Finally, Citigroup cut their price objective on shares of Oklo from $76.00 to $57.50 and set a “neutral” rating on the stock in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Oklo presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.26.

Oklo Price Performance

The firm has a fifty day moving average price of $42.18 and a two-hundred day moving average price of $53.88. The stock has a market capitalization of $7.37 billion, a PE ratio of -42.17 and a beta of 1.18.

Oklo (NYSE:OKLO) last announced its quarterly earnings data on Friday, August 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.12). The business had revenue of $1.21 million during the quarter, compared to the consensus estimate of $0.09 million. During the same quarter in the previous year, the business earned ($0.18) earnings per share. The firm’s revenue was up 11900.0% compared to the same quarter last year. On average, research analysts expect that Oklo Inc. will post -0.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Richard Bealmear sold 16,430 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $38.76, for a total transaction of $636,826.80. Following the transaction, the chief financial officer directly owned 455,976 shares of the company’s stock, valued at approximately $17,673,629.76. This trade represents a 3.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Vivek Narayanadas sold 3,264 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $39.77, for a total value of $129,809.28. Following the completion of the sale, the general counsel owned 7,822 shares of the company’s stock, valued at $311,080.94. The trade was a 29.44% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 362,030 shares of company stock worth $16,851,123. 12.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Citizens Financial Group Inc. RI grew its position in Oklo by 1.0% in the first quarter. Citizens Financial Group Inc. RI now owns 18,704 shares of the company’s stock worth $928,000 after acquiring an additional 182 shares during the period. The Manufacturers Life Insurance Company raised its position in Oklo by 0.3% in the first quarter. The Manufacturers Life Insurance Company now owns 70,433 shares of the company’s stock valued at $3,493,000 after purchasing an additional 183 shares during the period. Triton Wealth Management PLLC raised its position in Oklo by 1.3% in the first quarter. Triton Wealth Management PLLC now owns 14,760 shares of the company’s stock valued at $734,000 after purchasing an additional 191 shares during the period. Costello Asset Management INC boosted its position in shares of Oklo by 66.7% during the first quarter. Costello Asset Management INC now owns 500 shares of the company’s stock worth $25,000 after buying an additional 200 shares during the period. Finally, Copia Wealth Management grew its stake in shares of Oklo by 25.9% in the fourth quarter. Copia Wealth Management now owns 1,180 shares of the company’s stock valued at $85,000 after buying an additional 243 shares in the last quarter. 85.03% of the stock is currently owned by institutional investors.

About Oklo

Oklo Inc is an advanced nuclear technology company focused on developing and commercializing small-scale fission power plants. The company’s flagship product, the Aurora powerhouse, is designed to provide reliable, long-term electricity and heat using advanced nuclear reactor technology. Oklo is targeting applications such as industrial operations, data centers, defense facilities and other customers that require dependable, low-carbon energy.

Oklo is also developing fuel-recycling capabilities intended to use certain forms of nuclear fuel more efficiently and reduce the volume of nuclear waste requiring disposal.