Oklo (NYSE:OKLO) Shares Down 2.4% - Here's What Happened

Oklo Inc. (NYSE:OKLO - Get Free Report)'s share price traded down 2.4% during trading on Wednesday . The company traded as low as $51.52 and last traded at $52.25. 5,376,375 shares were traded during mid-day trading, a decline of 63% from the average session volume of 14,528,678 shares. The stock had previously closed at $53.52.

Analyst Ratings Changes

Several equities research analysts recently commented on OKLO shares. Citigroup reiterated a "neutral" rating on shares of Oklo in a report on Wednesday, May 14th. Craig Hallum lowered Oklo from a "buy" rating to a "hold" rating and set a $59.00 price target on the stock. in a research report on Monday, June 23rd. William Blair began coverage on Oklo in a research report on Wednesday, May 28th. They set an "outperform" rating on the stock. BTIG Research started coverage on Oklo in a research report on Friday, April 11th. They set a "neutral" rating on the stock. Finally, HC Wainwright started coverage on Oklo in a report on Wednesday, April 23rd. They set a "buy" rating and a $55.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $58.50.

Oklo Trading Down 1.1%

The firm has a market cap of $7.44 billion, a price-to-earnings ratio of -9.92 and a beta of 0.57. The stock has a fifty day moving average price of $48.07 and a 200 day moving average price of $36.27.

Oklo (NYSE:OKLO - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. On average, sell-side analysts forecast that Oklo Inc. will post -8.2 EPS for the current year.

Insider Buying and Selling

In other Oklo news, Director Michael Stuart Klein sold 50,000 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the director owned 200,000 shares in the company, valued at approximately $10,970,000. This trade represents a 20.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jacob Dewitte sold 300,000 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer owned 10,105,098 shares of the company's stock, valued at $557,801,409.60. This represents a 2.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 600,000 shares of company stock valued at $35,066,500 in the last quarter. Corporate insiders own 18.90% of the company's stock.

Hedge Funds Weigh In On Oklo

Several hedge funds and other institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Oklo by 1.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,929,139 shares of the company's stock worth $104,646,000 after buying an additional 74,315 shares during the period. Vanguard Group Inc. increased its holdings in Oklo by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 4,381,397 shares of the company's stock valued at $94,770,000 after purchasing an additional 37,718 shares in the last quarter. Compound Planning Inc. increased its holdings in Oklo by 6.2% during the 1st quarter. Compound Planning Inc. now owns 964,827 shares of the company's stock valued at $20,869,000 after purchasing an additional 56,437 shares in the last quarter. Portland Investment Counsel Inc. increased its holdings in Oklo by 0.6% during the 1st quarter. Portland Investment Counsel Inc. now owns 807,580 shares of the company's stock valued at $17,358,000 after purchasing an additional 5,000 shares in the last quarter. Finally, JAT Capital Mgmt LP acquired a new stake in Oklo during the 4th quarter valued at $14,798,000. Institutional investors own 85.03% of the company's stock.

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.