Oklo (NYSE:OKLO) Trading Down 4% - Here's What Happened

Key Points

• Oklo's stock price dropped 4% on Thursday, closing at $74.32, with trading volume significantly down by 79% compared to its average.
• Analyst ratings show a mix of optimism and caution, with a consensus rating of "Moderate Buy" and a target price of $63.78, despite some sell and hold ratings present.
• Recent insider trading activity included CEO Jacob Dewitte selling 300,000 shares, affecting his ownership by 2.88%, indicating potential concerns among company leadership.

Oklo Inc. (NYSE:OKLO - Get Free Report)'s stock price dropped 4% on Thursday . The company traded as low as $74.46 and last traded at $74.32. Approximately 3,778,118 shares changed hands during trading, a decline of 79% from the average daily volume of 18,213,254 shares. The stock had previously closed at $77.42.

Analyst Ratings Changes

OKLO has been the subject of a number of recent analyst reports. Citigroup upped their target price on Oklo from $30.00 to $68.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Cantor Fitzgerald set a $73.00 price target on Oklo and gave the stock an "overweight" rating in a report on Tuesday, July 15th. CLSA raised Oklo from an "outperform" rating to a "moderate buy" rating and boosted their price target for the stock from $50.00 to $74.00 in a report on Tuesday, May 27th. HC Wainwright boosted their price target on Oklo from $55.00 to $90.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Wedbush boosted their price target on Oklo from $75.00 to $80.00 and gave the stock an "outperform" rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Oklo presently has a consensus rating of "Moderate Buy" and a consensus target price of $63.78.

Oklo Stock Down 6.2%

The stock has a 50 day simple moving average of $63.94 and a 200 day simple moving average of $43.94. The stock has a market cap of $10.72 billion, a price-to-earnings ratio of -172.92 and a beta of 0.60.

Oklo (NYSE:OKLO - Get Free Report) last posted its 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). Equities analysts expect that Oklo Inc. will post -8.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Jacob Dewitte sold 300,000 shares of Oklo 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 directly owned 10,105,098 shares in the company, valued at approximately $557,801,409.60. This trade represents a 2.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael Stuart Klein sold 50,000 shares of Oklo stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $54.85, for a total value of $2,742,500.00. Following the sale, the director owned 200,000 shares in the company, valued at $10,970,000. This trade represents a 20.00% 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 quarter. 18.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Oklo

Hedge funds have recently made changes to their positions in the stock. Alliancebernstein L.P. purchased a new position in shares of Oklo in the fourth quarter valued at $1,693,000. OneDigital Investment Advisors LLC purchased a new position in Oklo during the first quarter worth about $229,000. Cambridge Investment Research Advisors Inc. grew its position in Oklo by 66.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 68,577 shares of the company's stock worth $1,483,000 after buying an additional 27,458 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Oklo during the first quarter worth about $413,000. Finally, Spire Wealth Management grew its position in Oklo by 14.1% during the first quarter. Spire Wealth Management now owns 3,896 shares of the company's stock worth $84,000 after buying an additional 481 shares in the last quarter. 85.03% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.