Oklo (NYSE:OKLO) Trading Down 4% – Here’s What Happened

Oklo Inc. (NYSE:OKLO) dropped 4% during mid-day trading on Wednesday . The stock traded as low as $38.76 and last traded at $38.8120. 7,249,229 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 11,313,840 shares. The stock had previously closed at $40.45.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $90.00 target price on shares of Oklo in a research note on Monday, August 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oklo in a research report on Friday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Oklo in a report on Tuesday, May 26th. Canaccord Genuity Group lowered their target price on Oklo from $125.00 to $100.00 and set a “buy” rating for the company in a report on Monday, August 10th. Finally, Piper Sandler started coverage on shares of Oklo in a research report on Tuesday, September 8th. They issued an “overweight” rating and a $55.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Oklo has an average rating of “Moderate Buy” and a consensus price target of $83.26.

Oklo Price Performance

The company has a market capitalization of $7.22 billion, a price-to-earnings ratio of -41.29 and a beta of 1.18. The business has a fifty day moving average price of $41.54 and a 200 day moving average price of $53.19.

Oklo (NYSE:OKLO) last issued its quarterly earnings data on Friday, August 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.12). The company had revenue of $1.21 million for the quarter, compared to analyst estimates of $0.09 million. The firm’s quarterly revenue was up 11900.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.18) EPS. Research analysts anticipate that Oklo Inc. will post -0.96 earnings per share for the current year.

Insider Activity at Oklo

In other news, General Counsel Vivek Narayanadas sold 3,264 shares of the 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 transaction, the general counsel directly owned 7,822 shares in the company, valued at $311,080.94. This trade represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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. Also, Director John M. Jansen sold 6,354 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $36.67, for a total transaction of $233,001.18. Following the transaction, the director owned 6,000 shares in the company, valued at $220,020. This represents a 51.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 362,030 shares of company stock worth $16,851,123 in the last three months. Insiders own 12.70% of the company’s stock.

Hedge Funds Weigh In On Oklo

Several hedge funds have recently modified their holdings of the company. Sei Investments Co. raised its position in Oklo by 344.6% in the first quarter. Sei Investments Co. now owns 50,096 shares of the company’s stock worth $2,484,000 after acquiring an additional 38,829 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Oklo by 55.3% during the 1st quarter. Bank of America Corp DE now owns 620,281 shares of the company’s stock valued at $30,760,000 after purchasing an additional 220,976 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Oklo by 82.8% in the 4th quarter. Intech Investment Management LLC now owns 46,717 shares of the company’s stock worth $3,352,000 after purchasing an additional 21,157 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Oklo by 1,184.4% in the 4th quarter. Hsbc Holdings PLC now owns 112,372 shares of the company’s stock worth $8,063,000 after purchasing an additional 103,623 shares in the last quarter. Finally, Optiver Holding B.V. bought a new stake in shares of Oklo in the 1st quarter worth approximately $2,414,000. 85.03% of the stock is currently owned by institutional investors and hedge funds.

Oklo Company Profile

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.