HITE Hedge Asset Management LLC Sells 135,811 Shares of Oklo Inc. $OKLO

Key Points

• HITE Hedge Asset Management LLC reduced its position in Oklo Inc. by 69.8%, selling 135,811 shares during the first quarter and now holding 58,658 shares worth approximately $1.27 million.
• Oklo stock recently opened at $68.89, down 3.1%, with a 52-week range between $5.35 and $85.35.
• A number of analysts have issued mixed ratings for Oklo, with a consensus average target price of $63.78 and recommendations ranging from "strong sell" to "strong buy."

HITE Hedge Asset Management LLC lowered its stake in Oklo Inc. (NYSE:OKLO - Free Report) by 69.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 58,658 shares of the company's stock after selling 135,811 shares during the period. HITE Hedge Asset Management LLC's holdings in Oklo were worth $1,269,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Raymond James Financial Inc. grew its stake in shares of Oklo by 202.6% in the 1st quarter. Raymond James Financial Inc. now owns 314,794 shares of the company's stock worth $6,809,000 after buying an additional 210,755 shares during the last quarter. Cresset Asset Management LLC grew its stake in shares of Oklo by 22.0% in the 1st quarter. Cresset Asset Management LLC now owns 27,786 shares of the company's stock worth $601,000 after buying an additional 5,003 shares during the last quarter. United Capital Management of KS Inc. purchased a new stake in shares of Oklo in the 1st quarter worth approximately $216,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Oklo by 36,708.5% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 65,151 shares of the company's stock worth $1,409,000 after buying an additional 64,974 shares during the last quarter. Finally, Stone House Investment Management LLC purchased a new stake in shares of Oklo in the 1st quarter worth approximately $63,000. Hedge funds and other institutional investors own 85.03% of the company's stock.

Insiders Place Their Bets

In related news, Director Michael Stuart Klein sold 150,000 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $62.74, for a total value of $9,411,000.00. Following the transaction, the director directly owned 250,000 shares of the company's stock, valued at approximately $15,685,000. This trade represents a 37.50% 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, CEO Jacob Dewitte sold 300,000 shares of the firm's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $55.20, for a total value of $16,560,000.00. Following the completion of the transaction, the chief executive officer directly owned 10,105,098 shares in the company, valued at approximately $557,801,409.60. This represents a 2.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 600,000 shares of company stock worth $35,066,500. 18.90% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on OKLO shares. Citigroup increased their target price on Oklo from $30.00 to $68.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Daiwa America upgraded Oklo from a "hold" rating to a "strong-buy" rating in a research note on Sunday, July 27th. Seaport Res Ptn upgraded Oklo from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. CLSA upgraded Oklo from an "outperform" rating to a "moderate buy" rating and increased their target price for the company from $50.00 to $74.00 in a research note on Tuesday, May 27th. Finally, Cantor Fitzgerald set a $73.00 target price on Oklo and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $63.90.

Oklo Stock Performance

Shares of OKLO stock traded up $0.5340 on Thursday, reaching $67.1040. The stock had a trading volume of 12,433,395 shares, compared to its average volume of 18,041,818. The stock has a market cap of $9.91 billion, a P/E ratio of -159.77 and a beta of 0.60. Oklo Inc. has a 1 year low of $5.35 and a 1 year high of $85.35. The company has a 50 day simple moving average of $65.40 and a 200 day simple moving average of $45.05.

Oklo (NYSE:OKLO - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). On average, equities research analysts anticipate that Oklo Inc. will post -8.2 earnings per share for the current fiscal year.

Oklo Company Profile

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.