Oklo (NYSE:OKLO) Shares Up 7.2% - Here's Why

Key Points

• Oklo Inc. shares increased by 7.2% during trading, reaching a high of $85.20 before closing at $81.92, though the trading volume saw a 33% decline from the average.
• Recent analyst ratings indicate a mostly positive outlook for Oklo, with upgrades from several firms affecting the sentiment. The company currently has a consensus rating of "Moderate Buy" and a price target of $59.33.
• CEO Jacob Dewitte and Director Michael Stuart Klein recently sold significant portions of their holdings, with insiders selling a total of 600,000 shares of company stock worth over $35 million last quarter.

Oklo Inc. (NYSE:OKLO - Get Free Report)'s share price rose 7.2% during trading on Tuesday . The company traded as high as $85.20 and last traded at $81.92. Approximately 12,268,769 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 18,260,141 shares. The stock had previously closed at $76.41.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on OKLO. Seaport Res Ptn raised shares of Oklo from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. Daiwa Capital Markets upgraded Oklo from a "neutral" rating to an "outperform" rating in a report on Sunday, July 27th. CLSA raised Oklo from an "outperform" rating to a "moderate buy" rating and boosted their price target for the company from $50.00 to $74.00 in a research note on Tuesday, May 27th. Craig Hallum cut Oklo from a "buy" rating to a "hold" rating and set a $59.00 price target for the company. in a research note on Monday, June 23rd. Finally, Citigroup upped their target price on Oklo from $30.00 to $68.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.33.

Oklo Stock Performance

The firm has a market cap of $11.64 billion, a price-to-earnings ratio of -15.47 and a beta of 0.60. The business has a fifty day simple moving average of $60.27 and a 200-day simple moving average of $41.91.

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

Insiders Place Their Bets

In other news, 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 value of $16,560,000.00. Following the completion of the transaction, the chief executive officer directly owned 10,105,098 shares in the company, valued at approximately $557,801,409.60. The trade was a 2.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael Stuart Klein sold 50,000 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $54.85, for a total value of $2,742,500.00. Following the transaction, the director owned 200,000 shares of the company's stock, valued at approximately $10,970,000. The trade was a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 600,000 shares of company stock worth $35,066,500 over the last quarter. 18.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Oklo

Institutional investors and hedge funds have recently modified their holdings of the company. Caldwell Sutter Capital Inc. bought a new stake in shares of Oklo in the second quarter worth about $25,000. Private Trust Co. NA acquired a new stake in shares of Oklo in the 2nd quarter worth $25,000. TD Waterhouse Canada Inc. purchased a new position in Oklo in the 4th quarter worth $27,000. CoreCap Advisors LLC purchased a new position in shares of Oklo during the 4th quarter valued at about $32,000. Finally, Creative Financial Designs Inc. ADV raised its stake 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 valued at $33,000 after buying an additional 305 shares during the last quarter. 85.03% of the stock is currently owned by hedge funds and other institutional investors.

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.

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