Oklo (NYSE:OKLO) Stock Price Down 1.9% – Here’s Why

Oklo Inc. (NYSE:OKLO) shares traded down 1.9% during mid-day trading on Friday . The company traded as low as $60.70 and last traded at $60.82. 4,269,908 shares changed hands during trading, a decline of 69% from the average session volume of 13,898,338 shares. The stock had previously closed at $62.02.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Citigroup reissued a “neutral” rating on shares of Oklo in a report on Wednesday, May 14th. BTIG Research assumed coverage on Oklo in a report on Friday, April 11th. They set a “neutral” rating on the stock. CLSA raised Oklo from an “outperform” rating to a “moderate buy” rating and increased their price objective for the stock from $50.00 to $74.00 in a report on Tuesday, May 27th. HC Wainwright assumed coverage on Oklo in a report on Wednesday, April 23rd. They set a “buy” rating and a $55.00 price objective on the stock. Finally, Seaport Res Ptn raised Oklo from a “hold” rating to a “strong-buy” rating in a report on Monday, June 9th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Oklo currently has an average rating of “Moderate Buy” and an average target price of $56.00.

Oklo Stock Performance

The firm has a market capitalization of $8.06 billion, a P/E ratio of -10.68 and a beta of 0.58. The business has a 50 day simple moving average of $39.76 and a two-hundred day simple moving average of $33.20.

Oklo (NYSE:OKLO) last announced its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. On average, equities analysts anticipate that Oklo Inc. will post -8.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jacob Dewitte sold 35,365 shares of the stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $25.15, for a total transaction of $889,429.75. Following the transaction, the chief executive officer now directly owns 11,033,561 shares in the company, valued at approximately $277,494,059.15. This represents a 0.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John M. Jansen acquired 6,000 shares of Oklo stock in a transaction dated Thursday, March 27th. The shares were purchased at an average price of $24.57 per share, for a total transaction of $147,420.00. Following the completion of the transaction, the director now directly owns 6,000 shares in the company, valued at approximately $147,420. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 18.90% of the company’s stock.

Hedge Funds Weigh In On Oklo

Several institutional investors have recently modified their holdings of the company. Rhumbline Advisers bought a new position in shares of Oklo during the 1st quarter valued at about $65,000. Intrua Financial LLC grew its position in Oklo by 4.2% during the 1st quarter. Intrua Financial LLC now owns 13,375 shares of the company’s stock worth $289,000 after acquiring an additional 535 shares during the last quarter. Geneos Wealth Management Inc. grew its position in Oklo by 24.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 36,973 shares of the company’s stock worth $800,000 after acquiring an additional 7,352 shares during the last quarter. Flaharty Asset Management LLC bought a new position in Oklo during the 1st quarter worth approximately $54,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Oklo by 90.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 112,772 shares of the company’s stock worth $2,439,000 after acquiring an additional 53,703 shares during the last quarter. 85.03% of the stock is currently owned by institutional investors.

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.