Oklo (NYSE:OKLO) Trading Down 7% - Here's Why

Key Points

• Oklo Inc. shares dropped by 7% during mid-day trading, reaching a low of $67.80 before ending at $71.23, amidst a trade volume decline of 41% compared to average levels.
• Analysts have mixed views on Oklo, with Citigroup raising the price target to $68 and issuing a "neutral" rating, while other firms upgraded their ratings to "strong buy" and "outperform."
• Insider trading activity included CEO Jacob Dewitte selling 300,000 shares at an average price of $55.20, decreasing his ownership by 2.88%, while a total of 600,000 shares were sold by insiders in the last quarter.

Oklo Inc. (NYSE:OKLO - Get Free Report) shares fell 7% during mid-day trading on Friday . The stock traded as low as $67.80 and last traded at $71.23. 10,773,330 shares were traded during mid-day trading, a decline of 41% from the average session volume of 18,264,750 shares. The stock had previously closed at $76.59.

Analyst Ratings Changes

Several research analysts recently commented on OKLO shares. Citigroup increased their price target on Oklo from $30.00 to $68.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Daiwa America raised Oklo from a "hold" rating to a "strong-buy" rating in a research report on Sunday, July 27th. Seaport Res Ptn raised Oklo from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 9th. Daiwa Capital Markets raised Oklo from a "neutral" rating to an "outperform" rating in a research report on Sunday. Finally, BNP Paribas Exane started coverage on Oklo in a research report on Friday, July 25th. They set an "underperform" rating and a $14.00 price target for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $59.33.

Oklo Stock Performance

The stock has a market capitalization of $9.92 billion, a price-to-earnings ratio of -13.12 and a beta of 0.57. The company has a fifty day simple moving average of $59.28 and a 200 day simple moving average of $40.99.

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

Insiders Place Their Bets

In other Oklo news, CEO Jacob Dewitte sold 300,000 shares of the business's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $55.20, for a total value of $16,560,000.00. Following the sale, the chief executive officer directly owned 10,105,098 shares in the company, valued at $557,801,409.60. The trade was a 2.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael Stuart Klein sold 50,000 shares of the business's stock in a transaction on Monday, June 23rd. The shares were 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 approximately $10,970,000. The trade was 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.

Institutional Trading of Oklo

Institutional investors have recently modified their holdings of the company. Teacher Retirement System of Texas bought a new position in Oklo during the 2nd quarter valued at approximately $570,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Oklo in the 2nd quarter worth $3,476,000. Pasadena Private Wealth LLC bought a new position in Oklo in the 2nd quarter worth $201,000. Solstein Capital LLC bought a new stake in Oklo during the second quarter valued at about $56,000. Finally, Envestnet Asset Management Inc. bought a new stake in Oklo during the second quarter valued at about $329,000. 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.