Oklo (NYSE:OKLO) Stock Price Down 1.4% - Here's Why

Oklo Inc. (NYSE:OKLO - Get Free Report)'s stock price was down 1.4% on Wednesday . The stock traded as low as $58.61 and last traded at $59.88. Approximately 7,984,962 shares traded hands during trading, a decline of 43% from the average daily volume of 14,066,126 shares. The stock had previously closed at $60.71.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on OKLO. Craig Hallum lowered shares of Oklo from a "buy" rating to a "hold" rating and set a $59.00 price target for the company. in a research report on Monday. Citigroup restated a "neutral" rating on shares of Oklo in a research note on Wednesday, May 14th. HC Wainwright began coverage on Oklo in a report on Wednesday, April 23rd. They set a "buy" rating and a $55.00 price target on the stock. BTIG Research initiated coverage on Oklo in a research report on Friday, April 11th. They issued a "neutral" rating on the stock. Finally, Wedbush set a $75.00 target price on Oklo and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Three 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. According to MarketBeat.com, Oklo presently has an average rating of "Moderate Buy" and an average price target of $58.50.

Oklo Trading Down 3.7%

The firm's 50 day simple moving average is $41.17 and its 200 day simple moving average is $33.72. The firm has a market cap of $8.15 billion, a PE ratio of -10.82 and a beta of 0.57.

Oklo (NYSE:OKLO - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. As a group, equities research analysts predict that Oklo Inc. will post -8.2 earnings per share for the current fiscal year.

Insider Activity at Oklo

In other news, CEO Jacob Dewitte sold 35,365 shares of Oklo stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $25.15, for a total transaction of $889,429.75. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael Stuart Klein sold 100,000 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $63.53, for a total transaction of $6,353,000.00. Following the completion of the transaction, the director now owns 400,000 shares in the company, valued at approximately $25,412,000. The trade was a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 326,365 shares of company stock worth $17,547,230. Company insiders own 18.90% of the company's stock.

Institutional Investors Weigh In On Oklo

Several large investors have recently added to or reduced their stakes in the stock. Barclays PLC raised its stake in shares of Oklo by 5.7% during the fourth quarter. Barclays PLC now owns 7,666 shares of the company's stock valued at $163,000 after acquiring an additional 416 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Oklo by 5.4% in the 1st quarter. Signaturefd LLC now owns 8,962 shares of the company's stock worth $194,000 after buying an additional 462 shares during the period. Spire Wealth Management grew its position in shares of Oklo by 14.1% during the 1st quarter. Spire Wealth Management now owns 3,896 shares of the company's stock worth $84,000 after buying an additional 481 shares in the last quarter. Intrua Financial LLC increased its stake in shares of Oklo by 4.2% during the first quarter. Intrua Financial LLC now owns 13,375 shares of the company's stock valued at $289,000 after buying an additional 535 shares during the period. Finally, Ancora Advisors LLC increased its stake in shares of Oklo by 18.2% during the fourth quarter. Ancora Advisors LLC now owns 4,610 shares of the company's stock valued at $98,000 after buying an additional 710 shares during the period. 85.03% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.