Oklo (NYSE:OKLO) Shares Down 1.4% - Here's What Happened

Oklo Inc. (NYSE:OKLO - Get Free Report)'s stock price fell 1.4% during trading on Monday . The company traded as low as $53.80 and last traded at $54.49. 5,713,384 shares traded hands during trading, a decline of 60% from the average session volume of 14,356,522 shares. The stock had previously closed at $55.26.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OKLO. BTIG Research assumed coverage on Oklo in a research note on Friday, April 11th. They set a "neutral" rating for the company. HC Wainwright initiated coverage on Oklo in a research note on Wednesday, April 23rd. They issued a "buy" rating and a $55.00 price target on the stock. Seaport Res Ptn raised shares of Oklo from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. Craig Hallum cut shares of Oklo from a "buy" rating to a "hold" rating and set a $59.00 target price for the company. in a report on Monday, June 23rd. Finally, CLSA upgraded shares of 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 report on Tuesday, May 27th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Oklo presently has a consensus rating of "Moderate Buy" and an average price target of $58.50.

Oklo Trading Down 0.8%

The stock has a 50-day simple moving average of $44.51 and a 200 day simple moving average of $34.96. The stock has a market capitalization 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 posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.04. Sell-side analysts expect that Oklo Inc. will post -8.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Oklo news, 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 in the company, valued at $10,970,000. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jacob Dewitte sold 300,000 shares of the company's stock in a transaction dated 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 disclosure for this sale can be found here. Insiders have sold a total of 600,000 shares of company stock valued at $35,066,500 in the last three months. Company insiders own 18.90% of the company's stock.

Institutional Investors Weigh In On Oklo

Several institutional investors have recently made changes to their positions in the company. Truist Financial Corp acquired a new position in Oklo in the fourth quarter worth approximately $227,000. Versor Investments LP bought a new stake in Oklo in the fourth quarter worth approximately $263,000. Jones Financial Companies Lllp acquired a new position in shares of Oklo during the 4th quarter worth $131,000. SBI Securities Co. Ltd. acquired a new position in shares of Oklo during the 4th quarter worth $707,000. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of Oklo by 2,386.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 9,325 shares of the company's stock valued at $198,000 after purchasing an additional 8,950 shares in the last quarter. 85.03% of the stock is currently owned by institutional investors and hedge funds.

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.