Oklo (NYSE:OKLO) Shares Gap Up - Should You Buy?

Key Points

• Oklo Inc. stock experienced a price increase, opening at $73.85 after closing at $71.19, and last trading at $77.78 with a significant volume of 4,944,290 shares.
• Several analysts upgraded Oklo's rating, with notable upgrades from Daiwa America and Seaport Res Ptn to "strong-buy," while the consensus rating remains at "Moderate Buy" with an average target price of $66.45.
• Institutional investors have heavily invested in Oklo, with significant increases in holdings reported by State Street Corp and Geode Capital Management among others, collectively owning 85.03% of the stock.

Oklo Inc. (NYSE:OKLO - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $71.19, but opened at $73.85. Oklo shares last traded at $77.78, with a volume of 4,944,290 shares traded.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on OKLO shares. Daiwa America raised Oklo from a "hold" rating to a "strong-buy" rating in a research report on Sunday, July 27th. Wedbush raised their price objective on Oklo from $75.00 to $80.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. BNP Paribas raised Oklo to a "strong sell" rating in a research report on Friday, July 25th. Seaport Res Ptn raised Oklo from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 9th. Finally, Daiwa Capital Markets raised Oklo from a "neutral" rating to an "outperform" rating in a research report on Sunday, July 27th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $66.45.

Oklo Trading Up 5.3%

The firm has a market capitalization of $11.07 billion, a PE ratio of -178.78 and a beta of 0.60. The firm has a 50 day simple moving average of $65.70 and a 200 day simple moving average of $45.42.

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). Research analysts forecast that Oklo Inc. will post -8.2 earnings per share for the current year.

Insiders Place Their Bets

In other 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 in the company, valued at $15,685,000. This trade represents a 37.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 owned 10,105,098 shares in the company, valued at approximately $557,801,409.60. This trade represents a 2.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 600,000 shares of company stock worth $35,066,500. Company insiders own 18.90% of the company's stock.

Hedge Funds Weigh In On Oklo

A number of institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp raised its holdings in Oklo by 454.5% in the 2nd quarter. State Street Corp now owns 2,138,658 shares of the company's stock worth $119,743,000 after purchasing an additional 1,752,946 shares during the period. Geode Capital Management LLC raised its holdings in Oklo by 195.9% in the 2nd quarter. Geode Capital Management LLC now owns 2,248,425 shares of the company's stock worth $125,906,000 after purchasing an additional 1,488,482 shares during the period. Hood River Capital Management LLC bought a new position in Oklo in the 2nd quarter worth $40,919,000. JAT Capital Mgmt LP bought a new position in Oklo in the 4th quarter worth $14,798,000. Finally, Millennium Management LLC raised its holdings in Oklo by 4,974.1% in the 1st 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. 85.03% of the stock is currently owned by hedge funds and other institutional investors.

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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