Oklo (NYSE:OKLO) Trading Down 1.7% – Here’s Why

Oklo Inc. (NYSE:OKLO) shares traded down 1.7% during mid-day trading on Friday . The stock traded as low as $64.28 and last traded at $66.9120. 27,117,251 shares were traded during trading, an increase of 127% from the average session volume of 11,954,731 shares. The stock had previously closed at $68.09.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and set a $90.00 price objective on shares of Oklo in a report on Wednesday, March 18th. Weiss Ratings raised shares of Oklo from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 13th. Royal Bank Of Canada set a $80.00 price objective on shares of Oklo in a report on Friday, May 22nd. JPMorgan Chase & Co. assumed coverage on shares of Oklo in a report on Monday, May 11th. They set a “neutral” rating and a $83.00 price objective on the stock. Finally, Canaccord Genuity Group decreased their price objective on shares of Oklo from $175.00 to $125.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Oklo presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.06.

Oklo Price Performance

The company’s 50 day moving average price is $61.80 and its two-hundred day moving average price is $74.78. The stock has a market capitalization of $11.64 billion, a PE ratio of -79.66 and a beta of 1.16.

Oklo (NYSE:OKLO) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.01. During the same quarter in the previous year, the company earned ($0.07) earnings per share. Analysts forecast that Oklo Inc. will post -0.78 earnings per share for the current year.

Insider Activity

In other news, CFO Richard Craig Bealmear sold 72,090 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $60.00, for a total value of $4,325,400.00. Following the transaction, the chief financial officer directly owned 386,008 shares of the company’s stock, valued at approximately $23,160,480. This trade represents a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jacob Dewitte sold 140,000 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $50.39, for a total transaction of $7,054,600.00. Following the completion of the transaction, the chief executive officer directly owned 656,483 shares in the company, valued at approximately $33,080,178.37. This represents a 17.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 819,588 shares of company stock worth $49,774,300. Insiders own 18.90% of the company’s stock.

Hedge Funds Weigh In On Oklo

A number of institutional investors have recently bought and sold shares of the company. Western Wealth Management LLC purchased a new position in Oklo during the first quarter worth about $130,000. Silicon Valley Capital Partners raised its stake in Oklo by 155.8% during the first quarter. Silicon Valley Capital Partners now owns 1,862 shares of the company’s stock worth $92,000 after purchasing an additional 1,134 shares during the period. Bank of America Corp DE raised its stake in Oklo by 55.3% during the first quarter. Bank of America Corp DE now owns 620,281 shares of the company’s stock worth $30,760,000 after purchasing an additional 220,976 shares during the period. MSA Advisors LLC purchased a new position in Oklo during the first quarter worth about $227,000. Finally, Amundi raised its stake in Oklo by 59.0% during the first quarter. Amundi now owns 164,824 shares of the company’s stock worth $8,174,000 after purchasing an additional 61,161 shares during the period. 85.03% of the stock is owned by hedge funds and other institutional investors.

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.