Oklo (NYSE:OKLO) Stock Price Down 4.4% - Here's Why

Oklo Inc. (NYSE:OKLO - Get Free Report) shares dropped 4.4% on Monday . The company traded as low as $50.57 and last traded at $50.41. Approximately 6,999,192 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 12,833,034 shares. The stock had previously closed at $52.72.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. William Blair began coverage on shares of Oklo in a research report on Wednesday, May 28th. They set an "outperform" rating for the company. HC Wainwright initiated coverage on Oklo in a report on Wednesday, April 23rd. They issued a "buy" rating and a $55.00 price target on the stock. Wedbush increased their price objective on Oklo from $45.00 to $55.00 and gave the stock an "outperform" rating in a report on Friday, May 23rd. Citigroup reissued a "neutral" rating on shares of Oklo in a research report on Wednesday, May 14th. Finally, CLSA raised Oklo from an "outperform" rating to a "moderate buy" rating and upped their price target for the stock from $50.00 to $74.00 in a research report on Tuesday, May 27th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $52.67.

Oklo Price Performance

The company's 50-day moving average price is $30.29 and its two-hundred day moving average price is $29.92. The company has a market capitalization of $6.93 billion, a P/E ratio of -9.20 and a beta of -0.02.

Oklo (NYSE:OKLO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. On average, analysts anticipate that Oklo Inc. will post -8.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director John M. Jansen bought 6,000 shares of the company's stock in a transaction dated Thursday, March 27th. The stock was bought at an average cost of $24.57 per share, for a total transaction of $147,420.00. Following the transaction, the director now owns 6,000 shares of the company's stock, valued at $147,420. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jacob Dewitte sold 41,000 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $21.80, for a total transaction of $893,800.00. Following the sale, the chief executive officer now owns 10,852,926 shares in the company, valued at $236,593,786.80. This represents a 0.38% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 21.80% of the company's stock.

Hedge Funds Weigh In On Oklo

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Oklo by 92.8% in the fourth quarter. Vanguard Group Inc. now owns 4,343,679 shares of the company's stock valued at $92,216,000 after purchasing an additional 2,090,154 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Oklo in the fourth quarter valued at approximately $2,209,000. Steward Partners Investment Advisory LLC raised its holdings in Oklo by 2,386.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 9,325 shares of the company's stock valued at $198,000 after buying an additional 8,950 shares during the last quarter. Alliancebernstein L.P. acquired a new stake in Oklo during the 4th quarter worth approximately $1,693,000. Finally, WJ Wealth Management LLC acquired a new stake in Oklo during the 4th quarter worth approximately $457,000. 85.03% of the stock is currently owned by institutional investors and hedge funds.

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.