Oklo (NYSE:OKLO) Shares Down 3.8% - What's Next?

Oklo Inc. (NYSE:OKLO - Get Free Report)'s share price dropped 3.8% on Tuesday . The company traded as low as $54.24 and last traded at $53.82. Approximately 6,192,412 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 14,490,221 shares. The stock had previously closed at $55.94.

Analyst Upgrades and Downgrades

OKLO has been the topic of a number of research analyst reports. CLSA upgraded shares of Oklo from an "outperform" rating to a "moderate buy" rating and raised their target price for the company from $50.00 to $74.00 in a research report on Tuesday, May 27th. Wedbush set a $75.00 target price on shares of Oklo and gave the company an "outperform" rating in a research report on Thursday, June 12th. HC Wainwright initiated coverage on shares of Oklo in a research report on Wednesday, April 23rd. They issued a "buy" rating and a $55.00 target price on the stock. William Blair initiated coverage on shares of Oklo in a research report on Wednesday, May 28th. They issued an "outperform" rating on the stock. Finally, Craig Hallum lowered shares of Oklo from a "buy" rating to a "hold" rating and set a $59.00 target price on the stock. in a research report on Monday, June 23rd. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Oklo presently has an average rating of "Moderate Buy" and an average target price of $58.50.

Oklo Price Performance

The company has a market cap of $7.67 billion, a price-to-earnings ratio of -10.16 and a beta of 0.57. The business's fifty day moving average price is $46.88 and its 200 day moving average price is $36.02.

Oklo (NYSE:OKLO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.11) by $0.04. As a group, equities research analysts anticipate that Oklo Inc. will post -8.2 EPS for the current year.

Insiders Place Their Bets

In related news, Director Michael Stuart Klein sold 150,000 shares of Oklo stock in a transaction on Friday, June 20th. The shares were sold at an average price of $62.74, for a total transaction of $9,411,000.00. Following the completion of the transaction, the director owned 250,000 shares of the company's stock, valued at $15,685,000. This trade represents a 37.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jacob Dewitte sold 300,000 shares of Oklo stock in a transaction on Monday, June 30th. The stock was sold at an average price of $55.20, for a total transaction of $16,560,000.00. Following the transaction, the chief executive officer directly owned 10,105,098 shares of the company's stock, valued at $557,801,409.60. This represents a 2.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 600,000 shares of company stock valued at $35,066,500 in the last three months. 18.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Oklo

A number of hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp bought a new stake in Oklo in the fourth quarter valued at $131,000. Steward Partners Investment Advisory LLC increased its stake in Oklo by 2,386.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 9,325 shares of the company's stock valued at $198,000 after purchasing an additional 8,950 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Oklo in the fourth quarter valued at $2,209,000. PNC Financial Services Group Inc. bought a new stake in Oklo in the fourth quarter valued at $140,000. Finally, AlphaQuest LLC bought a new stake in Oklo in the fourth quarter valued at $45,000. Institutional investors own 85.03% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.