Oklo (NYSE:OKLO) Shares Up 5% on Analyst Upgrade

Oklo Inc. (NYSE:OKLO - Get Free Report)'s stock price shot up 5% during trading on Wednesday after CLSA upgraded the stock from an outperform rating to a moderate buy rating. CLSA now has a $74.00 price target on the stock, up from their previous price target of $50.00. Oklo traded as high as $56.79 and last traded at $56.61. 13,898,817 shares changed hands during trading, an increase of 10% from the average session volume of 12,594,879 shares. The stock had previously closed at $53.90.

A number of other brokerages have also recently commented on OKLO. Wedbush increased their target price on Oklo from $45.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, May 23rd. BTIG Research began coverage on Oklo in a report on Friday, April 11th. They set a "neutral" rating on the stock. HC Wainwright began coverage on Oklo in a report on Wednesday, April 23rd. They set a "buy" rating and a $55.00 target price on the stock. Craig Hallum initiated coverage on Oklo in a report on Tuesday, January 28th. They set a "buy" rating and a $44.00 target price on the stock. Finally, Citigroup reissued a "neutral" rating on shares of Oklo in a research note on Wednesday, May 14th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $52.67.

Insider Buying and Selling

In other news, CEO Jacob Dewitte sold 35,365 shares of the firm's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $25.15, for a total value of $889,429.75. Following the transaction, the chief executive officer now directly owns 11,033,561 shares in the company, valued at approximately $277,494,059.15. This trade represents a 0.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John M. Jansen purchased 6,000 shares of Oklo stock in a transaction dated Thursday, March 27th. The stock was acquired at an average price of $24.57 per share, for a total transaction of $147,420.00. Following the completion of the transaction, the director now owns 6,000 shares in the company, valued at approximately $147,420. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 21.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Oklo

Hedge funds and other institutional investors have recently bought and sold shares of the stock. TD Waterhouse Canada Inc. acquired a new position in shares of Oklo during the fourth quarter worth approximately $27,000. Sandy Spring Bank acquired a new position in Oklo during the 4th quarter valued at about $32,000. CoreCap Advisors LLC acquired a new position in Oklo during the 4th quarter valued at about $32,000. Covestor Ltd acquired a new position in Oklo during the 4th quarter valued at about $34,000. Finally, KBC Group NV acquired a new stake in shares of Oklo during the 1st quarter valued at $36,000. 85.03% of the stock is currently owned by institutional investors and hedge funds.

Oklo Trading Down 1.8%

The business has a 50-day moving average price of $28.33 and a 200 day moving average price of $29.05. The company has a market cap of $7.55 billion, a price-to-earnings ratio of -9.94 and a beta of -0.02.

Oklo (NYSE:OKLO - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. On average, analysts anticipate that Oklo Inc. will post -8.2 earnings per share 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.