Oklo (NYSE:OKLO) Stock Price Down 7.4% - Time to Sell?

Key Points

• Oklo's stock price dropped by 7.4% to approximately $110.33 on Friday, following a prior close of $119.13, with trading volume significantly increased to 24,716,166 shares.
• Several analysts provided mixed ratings on Oklo, with Goldman Sachs initiating coverage with a "neutral" rating at a $117 price target, while BNP Paribas and Craig Hallum issued lower ratings of "underperform" and "hold," respectively.
• Insider activity indicates substantial stock sales, including a sale of 300,000 shares by CEO Jacob Dewitte, which contributes to concerns amid overall negative market sentiment.

Oklo Inc. (NYSE:OKLO - Get Free Report)'s stock price traded down 7.4% on Friday . The stock traded as low as $108.54 and last traded at $110.33. 24,716,166 shares were traded during mid-day trading, an increase of 34% from the average session volume of 18,382,193 shares. The stock had previously closed at $119.13.

Analyst Ratings Changes

Several analysts have commented on OKLO shares. The Goldman Sachs Group began coverage on shares of Oklo in a research note on Thursday. They set a "neutral" rating and a $117.00 price objective for the company. William Blair reaffirmed an "outperform" rating on shares of Oklo in a report on Tuesday, August 12th. BNP Paribas Exane assumed coverage on Oklo in a research report on Friday, July 25th. They set an "underperform" rating and a $14.00 price target on the stock. Craig Hallum cut Oklo from a "buy" rating to a "hold" rating and set a $59.00 price objective for the company. in a report on Monday, June 23rd. Finally, UBS Group began coverage on Oklo in a research note on Wednesday, August 20th. They issued a "neutral" rating and a $65.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Oklo currently has a consensus rating of "Hold" and an average price target of $76.50.

Oklo Stock Down 7.4%

The firm has a market capitalization of $16.29 billion, a PE ratio of -262.67 and a beta of 0.59. The stock has a 50-day moving average price of $81.18 and a 200 day moving average price of $53.55.

Oklo (NYSE:OKLO - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). As a group, equities analysts predict that Oklo Inc. will post -8.2 earnings per share for the current fiscal year.

Insider Activity at Oklo

In other news, insider William Carroll Murphy Goodwin sold 41,387 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $70.09, for a total transaction of $2,900,814.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $16,560,000.00. Following the transaction, the chief executive officer owned 10,105,098 shares of the company's stock, valued at approximately $557,801,409.60. This trade represents a 2.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 491,387 shares of company stock worth $35,580,580 in the last ninety days. 18.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Oklo

Hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp raised its stake in Oklo by 454.5% in the 2nd quarter. State Street Corp now owns 2,138,658 shares of the company's stock valued at $119,743,000 after purchasing an additional 1,752,946 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Oklo by 195.9% during the second quarter. Geode Capital Management LLC now owns 2,248,425 shares of the company's stock worth $125,906,000 after buying an additional 1,488,482 shares in the last quarter. Hood River Capital Management LLC acquired a new stake in shares of Oklo in the second quarter valued at about $40,919,000. Millennium Management LLC lifted its stake in shares of Oklo by 4,974.1% in the first quarter. Millennium Management LLC now owns 582,002 shares of the company's stock worth $12,589,000 after buying an additional 570,532 shares in the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong purchased a new position in shares of Oklo in the first quarter worth about $11,674,000. Hedge funds and other 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.

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