Oklo (NYSE:OKLO) Shares Down 7.6% - Time to Sell?

Oklo Inc. (NYSE:OKLO - Get Free Report)'s stock price dropped 7.6% on Tuesday . The company traded as low as $51.70 and last traded at $51.74. Approximately 5,960,461 shares were traded during trading, a decline of 58% from the average daily volume of 14,354,417 shares. The stock had previously closed at $55.99.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OKLO. Seaport Res Ptn raised Oklo from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 9th. Wedbush set a $75.00 price objective on Oklo and gave the company an "outperform" rating in a report on Thursday, June 12th. Citigroup reaffirmed a "neutral" rating on shares of Oklo in a research report on Wednesday, May 14th. William Blair began coverage on shares of Oklo in a research note on Wednesday, May 28th. They set an "outperform" rating on the stock. Finally, HC Wainwright started coverage on shares of Oklo in a research note on Wednesday, April 23rd. They issued a "buy" rating and a $55.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $58.50.

Oklo Stock Down 0.8%

The company's fifty day moving average is $44.51 and its two-hundred day moving average is $34.96. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of -9.49 and a beta of 0.57.

Oklo (NYSE:OKLO - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. Sell-side analysts predict that Oklo Inc. will post -8.2 EPS for the current fiscal year.

Insider Activity

In other Oklo news, Director Michael Stuart Klein sold 50,000 shares of Oklo stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $54.85, for a total transaction of $2,742,500.00. Following the transaction, the director owned 200,000 shares of the company's stock, valued at $10,970,000. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 300,000 shares of company stock valued at $18,506,500. 18.90% of the stock is owned by corporate insiders.

Institutional Trading of Oklo

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Oklo by 92.8% during the fourth quarter. Vanguard Group Inc. now owns 4,343,679 shares of the company's stock worth $92,216,000 after buying an additional 2,090,154 shares during the last quarter. JAT Capital Mgmt LP purchased a new position in shares of Oklo in the 4th quarter valued at approximately $14,798,000. Millennium Management LLC lifted its holdings in shares of Oklo by 4,974.1% during the first quarter. Millennium Management LLC now owns 582,002 shares of the company's stock worth $12,589,000 after purchasing an additional 570,532 shares during the period. CloudAlpha Capital Management Limited Hong Kong purchased a new position in Oklo in the 1st quarter valued at $11,674,000. Finally, Renaissance Technologies LLC acquired a new position in Oklo in the 4th quarter valued at $9,008,000. Hedge funds and other 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.