Oklo (NYSE:OKLO) Shares Down 6% Following Analyst Downgrade

Key Points

• Oklo Inc. (NYSE:OKLO) shares fell 6% after Seaport Res Ptn downgraded the stock from a strong-buy to a hold rating, with trading volume significantly lower at ~4.2 million shares compared to the average of 18 million.
• Analysts remain divided on Oklo, with one strong-buy, seven buy, five hold, and two sell ratings; the average price target currently stands at $72.82.
• Insider trading activity includes CFO Richard Bealmear selling over 92,000 shares for approximately $8.7 million, representing a 55% reduction in his holdings.

Oklo Inc. (NYSE:OKLO - Get Free Report)'s stock price dropped 6% during trading on Wednesday after Seaport Res Ptn downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $134.44 and last traded at $134.04. Approximately 4,259,588 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 18,066,557 shares. The stock had previously closed at $142.65.

Several other analysts also recently issued reports on the stock. Citigroup raised their price objective on shares of Oklo from $30.00 to $68.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Daiwa Capital Markets raised shares of Oklo from a "neutral" rating to an "outperform" rating in a research note on Sunday, July 27th. UBS Group started coverage on shares of Oklo in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $65.00 price objective for the company. CLSA raised shares of Oklo from an "outperform" rating to a "moderate buy" rating and boosted their price objective for the stock from $50.00 to $74.00 in a research note on Tuesday, May 27th. Finally, Craig Hallum downgraded shares of Oklo from a "buy" rating to a "hold" rating and set a $59.00 price objective for the company. in a research note on Monday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $72.82.

Insider Buying and Selling

In related news, CFO Richard Craig Bealmear sold 92,378 shares of the company's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $93.73, for a total transaction of $8,658,589.94. Following the completion of the sale, the chief financial officer owned 75,738 shares of the company's stock, valued at approximately $7,098,922.74. This represents a 54.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jacob Dewitte sold 300,000 shares of the company's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $55.20, for a total transaction of $16,560,000.00. Following the sale, the chief executive officer directly owned 10,105,098 shares of the company's stock, valued at approximately $557,801,409.60. This represents a 2.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 441,387 shares of company stock worth $28,892,580 in the last 90 days. Insiders own 18.90% of the company's stock.

Hedge Funds Weigh In On Oklo

Hedge funds have recently made changes to their positions in the stock. Caldwell Sutter Capital Inc. purchased a new position in shares of Oklo during the 2nd quarter worth approximately $25,000. Private Trust Co. NA purchased a new position in shares of Oklo during the 2nd quarter worth approximately $25,000. Fourth Dimension Wealth LLC boosted its position in shares of Oklo by 125.0% during the 2nd quarter. Fourth Dimension Wealth LLC now owns 450 shares of the company's stock worth $25,000 after purchasing an additional 250 shares during the period. Elevation Point Wealth Partners LLC purchased a new position in shares of Oklo during the 2nd quarter worth approximately $28,000. Finally, Creative Financial Designs Inc. ADV boosted its position in shares of Oklo by 107.0% during the 2nd quarter. Creative Financial Designs Inc. ADV now owns 590 shares of the company's stock worth $33,000 after purchasing an additional 305 shares during the period. Hedge funds and other institutional investors own 85.03% of the company's stock.

Oklo Stock Performance

The stock has a market cap of $20.02 billion, a PE ratio of -319.89 and a beta of 0.59. The stock's 50-day moving average is $78.81 and its two-hundred day moving average is $52.35.

Oklo (NYSE:OKLO - Get Free Report) last released its 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). Analysts forecast that Oklo Inc. will post -8.2 EPS for the current year.

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.

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