Oklo (NYSE:OKLO) Trading 6.2% Higher – Here’s What Happened

Oklo Inc. (NYSE:OKLO)’s stock price rose 6.2% during trading on Tuesday . The company traded as high as $44.19 and last traded at $44.0760. Approximately 8,408,468 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 11,709,974 shares. The stock had previously closed at $41.51.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Wolfe Research initiated coverage on shares of Oklo in a research report on Tuesday, May 19th. They set a “peer perform” rating for the company. HSBC started coverage on Oklo in a report on Thursday, April 23rd. They issued a “buy” rating and a $96.00 target price on the stock. JPMorgan Chase & Co. started coverage on Oklo in a research note on Monday, May 11th. They issued a “neutral” rating and a $83.00 price target on the stock. Tigress Financial initiated coverage on Oklo in a report on Monday, April 27th. They set a “buy” rating and a $130.00 price target for the company. Finally, Guggenheim initiated coverage on Oklo in a research report on Thursday, June 25th. They set a “neutral” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Oklo currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.00.

Oklo Stock Performance

The stock’s 50-day moving average is $57.46 and its 200 day moving average is $65.22. The stock has a market capitalization of $7.67 billion, a PE ratio of -52.47 and a beta of 1.14.

Oklo (NYSE:OKLO) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. Analysts expect that Oklo Inc. will post -0.74 earnings per share for the current year.

Insider Activity at Oklo

In related news, CFO Richard Craig Bealmear sold 73,081 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $68.42, for a total transaction of $5,000,202.02. Following the transaction, the chief financial officer owned 397,642 shares in the company, valued at $27,206,665.64. This trade represents a 15.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jacob Dewitte sold 60,000 shares of Oklo stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $52.80, for a total value of $3,168,000.00. Following the transaction, the chief executive officer directly owned 511,533 shares in the company, valued at approximately $27,008,942.40. This trade represents a 10.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 683,629 shares of company stock valued at $43,902,208 in the last three months. 12.70% of the stock is currently owned by company insiders.

Institutional Trading of Oklo

A number of large investors have recently bought and sold shares of OKLO. Vanguard Group Inc. grew its position in Oklo by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 11,637,504 shares of the company’s stock worth $835,107,000 after purchasing an additional 44,036 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Oklo by 13.9% in the fourth quarter. Van ECK Associates Corp now owns 3,956,281 shares of the company’s stock valued at $283,902,000 after buying an additional 481,288 shares during the last quarter. State Street Corp boosted its stake in shares of Oklo by 23.6% during the fourth quarter. State Street Corp now owns 3,060,220 shares of the company’s stock worth $219,601,000 after buying an additional 584,184 shares during the period. Geode Capital Management LLC boosted its stake in shares of Oklo by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 2,816,007 shares of the company’s stock worth $201,671,000 after buying an additional 185,265 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Oklo by 8.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,160,278 shares of the company’s stock worth $83,262,000 after buying an additional 90,213 shares during the last quarter. Institutional investors and hedge funds own 85.03% of the company’s stock.

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.