Oklo (NYSE:OKLO) Trading Down 3.4% - Here's Why

Oklo Inc. (NYSE:OKLO - Get Free Report)'s stock price dropped 3.4% during mid-day trading on Monday . The company traded as low as $66.80 and last traded at $66.61. Approximately 6,993,556 shares were traded during trading, a decline of 53% from the average daily volume of 15,010,690 shares. The stock had previously closed at $68.98.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on OKLO shares. Cantor Fitzgerald set a $73.00 price objective on Oklo and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Wedbush set a $75.00 target price on shares of Oklo and gave the company an "outperform" rating in a report on Thursday, June 12th. William Blair initiated coverage on shares of Oklo in a research note on Wednesday, May 28th. They set an "outperform" rating on the stock. BTIG Research started coverage on shares of Oklo in a research note on Friday, April 11th. They issued a "neutral" rating on the stock. Finally, HC Wainwright initiated coverage on shares of Oklo in a research note on Wednesday, April 23rd. They set a "buy" rating and a $55.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.25.

Oklo Trading Down 9.3%

The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of -11.57 and a beta of 0.57. The business's fifty day moving average price is $53.01 and its 200 day moving average price is $38.40.

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

Insider Activity at Oklo

In related news, CEO Jacob Dewitte sold 300,000 shares of the firm's stock in a transaction 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 sale, 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael Stuart Klein sold 50,000 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $54.85, for a total transaction of $2,742,500.00. Following the transaction, the director owned 200,000 shares in the company, valued at $10,970,000. This represents a 20.00% 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 over the last three months. Insiders own 18.90% of the company's stock.

Hedge Funds Weigh In On Oklo

A number of hedge funds and other institutional investors have recently modified their holdings of OKLO. Caldwell Sutter Capital Inc. purchased a new stake in Oklo in the second quarter worth about $25,000. ORG Partners LLC raised its position in Oklo by 281.0% in the second quarter. ORG Partners LLC now owns 800 shares of the company's stock worth $41,000 after acquiring an additional 590 shares during the period. TD Waterhouse Canada Inc. purchased a new stake in shares of Oklo in the 4th quarter worth $27,000. SJS Investment Consulting Inc. lifted its position in Oklo by 205.4% during the second quarter. SJS Investment Consulting Inc. now owns 1,350 shares of the company's stock valued at $76,000 after purchasing an additional 908 shares in the last quarter. Finally, CoreCap Advisors LLC bought a new position in shares of Oklo during the 4th quarter valued at approximately $32,000. 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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