Oklo (NYSE:OKLO) Shares Down 23.3% - Here's What Happened

Shares of Oklo Inc. (NYSE:OKLO - Get Free Report) fell 23.3% on Monday . The stock traded as low as $31.50 and last traded at $32.07. 23,334,761 shares were traded during mid-day trading, an increase of 26% from the average session volume of 18,490,805 shares. The stock had previously closed at $41.82.

Analysts Set New Price Targets

Several brokerages recently weighed in on OKLO. Wedbush boosted their target price on shares of Oklo from $26.00 to $45.00 and gave the company an "outperform" rating in a research note on Friday. Citigroup upped their target price on Oklo from $10.00 to $31.00 and gave the company a "neutral" rating in a research note on Wednesday, January 8th.

Oklo Stock Performance

The firm's 50-day moving average is $23.69 and its 200 day moving average is $15.62.

Insider Transactions at Oklo

In other news, CEO Jacob Dewitte sold 230,569 shares of the firm's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $21.61, for a total value of $4,982,596.09. Following the transaction, the chief executive officer now owns 12,543,085 shares of the company's stock, valued at approximately $271,056,066.85. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard Kinzley purchased 5,000 shares of the firm's stock in a transaction that occurred on Monday, December 23rd. The shares were acquired at an average cost of $19.95 per share, with a total value of $99,750.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at $99,750. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 21.80% of the company's stock.

Hedge Funds Weigh In On Oklo

Several hedge funds and other institutional investors have recently bought and sold shares of OKLO. HITE Hedge Asset Management LLC purchased a new position in Oklo in the 3rd quarter valued at about $19,753,000. Atomi Financial Group Inc. purchased a new position in Oklo in the fourth quarter valued at about $19,285,000. Portland Investment Counsel Inc. purchased a new position in Oklo in the third quarter valued at about $6,493,000. Readystate Asset Management LP purchased a new position in Oklo in the third quarter valued at about $6,193,000. Finally, Geode Capital Management LLC purchased a new position in shares of Oklo during the 3rd quarter valued at approximately $5,971,000. 85.03% of the stock is owned by institutional investors and hedge funds.

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.