Oklo (NYSE:OKLO) Stock Price Up 2.3% - Here's Why

Key Points

• Oklo Inc. shares increased by 2.3%, trading between $75.28 and $76.60, but the trading volume was significantly lower, declining by 74% from its average session volume.
• Citigroup raised its price target for Oklo to $68.00, while other analysts have issued ratings ranging from "Strong Buy" to "Sell," with an average price target of $66.45.
• Insider transactions show significant selling activity, with CEO Jacob Dewitte selling 300,000 shares worth approximately $16.56 million, decreasing his ownership by 2.88%.

Oklo Inc. (NYSE:OKLO - Get Free Report) shares shot up 2.3% on Wednesday . The company traded as high as $76.60 and last traded at $75.28. 4,584,541 shares were traded during mid-day trading, a decline of 74% from the average session volume of 17,811,014 shares. The stock had previously closed at $73.59.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OKLO. Citigroup lifted their price objective on shares of Oklo from $30.00 to $68.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Craig Hallum cut shares of 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. Cantor Fitzgerald set a $73.00 price objective on shares of Oklo and gave the company an "overweight" rating in a report on Tuesday, July 15th. UBS Group began coverage on shares of Oklo in a report on Wednesday, August 20th. They issued a "neutral" rating and a $65.00 price objective for the company. Finally, William Blair reaffirmed an "outperform" rating on shares of Oklo in a report on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Oklo presently has an average rating of "Moderate Buy" and an average price target of $66.45.

Oklo Stock Down 1.6%

The stock has a market capitalization of $10.68 billion, a price-to-earnings ratio of -172.34 and a beta of 0.59. The business's 50-day moving average is $67.42 and its two-hundred day moving average is $46.36.

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

Insider Transactions at Oklo

In related news, CEO Jacob Dewitte sold 300,000 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $55.20, for a total transaction of $16,560,000.00. Following 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael Stuart Klein sold 150,000 shares of Oklo stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $62.74, for a total transaction of $9,411,000.00. Following the transaction, the director directly owned 250,000 shares in the company, valued at $15,685,000. This trade represents a 37.50% 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 90 days. 18.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Oklo

A number of institutional investors and hedge funds have recently made changes to their positions in OKLO. Barclays PLC increased its stake in Oklo by 5.7% during the 4th quarter. Barclays PLC now owns 7,666 shares of the company's stock worth $163,000 after buying an additional 416 shares during the period. First Trust Advisors LP acquired a new position in Oklo during the 4th quarter worth approximately $267,000. Tower Research Capital LLC TRC grew its holdings in Oklo by 1,048.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,859 shares of the company's stock worth $103,000 after acquiring an additional 4,436 shares in the last quarter. Northern Trust Corp grew its holdings in Oklo by 10.7% during the 4th quarter. Northern Trust Corp now owns 167,304 shares of the company's stock worth $3,552,000 after acquiring an additional 16,222 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Oklo during the 4th quarter worth approximately $354,000. 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.

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