Oklo (NYSE:OKLO) Trading 6.9% Higher - Here's Why

Key Points

• Oklo Inc. shares rose6.9% during recent trading, reaching a high of $77.62 before closing at $75.88, although trading volume was down 49% from the average.
• Analysts have mixed views on Oklo, with a consensus rating of "Moderate Buy" and an average price target of $59.33, while some reports suggest ratings ranging from "sell" to "strong buy."
• CEO Jacob Dewitte sold 300,000 shares in June, decreasing his ownership by 2.88%, amid substantial insider activity showing insiders sold a total of 600,000 shares in the last quarter.

Oklo Inc. (NYSE:OKLO - Get Free Report) shares traded up 6.9% during trading on Wednesday . The company traded as high as $77.62 and last traded at $75.88. 9,345,672 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 18,184,605 shares. The stock had previously closed at $71.01.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on OKLO shares. Craig Hallum cut Oklo from a "buy" rating to a "hold" rating and set a $59.00 price target on the stock. in a report on Monday, June 23rd. Seaport Res Ptn raised Oklo from a "hold" rating to a "strong-buy" rating in a report on Monday, June 9th. William Blair initiated coverage on Oklo in a research report on Wednesday, May 28th. They set an "outperform" rating on the stock. Wedbush set a $75.00 price target on shares of Oklo and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Finally, Citigroup lifted their target price on shares of Oklo from $30.00 to $68.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Oklo currently has a consensus rating of "Moderate Buy" and an average price target of $59.33.

Oklo Trading Up 8.1%

The firm has a market capitalization of $10.71 billion, a P/E ratio of -14.31 and a beta of 0.57. The company has a 50-day moving average of $57.78 and a 200-day moving average of $40.38.

Oklo (NYSE:OKLO - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. Research analysts predict that Oklo Inc. will post -8.2 EPS for the current year.

Insider Activity

In other Oklo news, CEO Jacob Dewitte sold 300,000 shares of the company'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 transaction of $16,560,000.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael Stuart Klein sold 150,000 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $62.74, for a total transaction of $9,411,000.00. Following the sale, the director owned 250,000 shares of the company's stock, valued at approximately $15,685,000. This represents a 37.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 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.

Institutional Investors Weigh In On Oklo

A number of large investors have recently made changes to their positions in OKLO. International Assets Investment Management LLC bought a new position in Oklo in the 2nd quarter worth $384,000. Spirit of America Management Corp NY raised its holdings in shares of Oklo by 58.9% in the second quarter. Spirit of America Management Corp NY now owns 27,800 shares of the company's stock valued at $1,557,000 after acquiring an additional 10,300 shares in the last quarter. RWQ Financial Management Services Inc. bought a new position in Oklo in the second quarter worth approximately $5,451,000. Stratos Wealth Partners LTD. increased its position in shares of Oklo by 11.3% during the second quarter. Stratos Wealth Partners LTD. now owns 25,820 shares of the company's stock worth $1,446,000 after purchasing an additional 2,625 shares in the last quarter. Finally, Private Trust Co. NA acquired a new position in shares of Oklo in the 2nd quarter valued at $25,000. 85.03% of the stock is currently owned by institutional investors.

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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