Oklo (NYSE:OKLO) Trading Up 11.2% - Here's What Happened

Oklo Inc. (NYSE:OKLO - Get Free Report) traded up 11.2% on Thursday . The company traded as high as $76.20 and last traded at $74.49. 18,737,449 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 18,077,662 shares. The stock had previously closed at $66.97.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Citigroup boosted their target price on Oklo from $30.00 to $68.00 and gave the stock a "neutral" rating in a research note on Tuesday. Craig Hallum downgraded Oklo from a "buy" rating to a "hold" rating and set a $59.00 price objective on the stock. in a research note on Monday, June 23rd. Daiwa Capital Markets started coverage on Oklo in a research note on Friday, July 11th. They issued a "neutral" rating and a $58.00 price objective on the stock. CLSA upgraded Oklo from an "outperform" rating to a "moderate buy" rating and upped their price objective for the company from $50.00 to $74.00 in a research note on Tuesday, May 27th. Finally, Cantor Fitzgerald set a $73.00 price objective on Oklo and gave the company an "overweight" rating in a research note on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $59.33.

Oklo Stock Performance

The business has a 50-day moving average price of $55.64 and a 200 day moving average price of $39.31. The stock has a market capitalization of $10.41 billion, a P/E ratio of -13.70 and a beta of 0.57.

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

Insiders Place Their Bets

In other news, Director Michael Stuart Klein sold 50,000 shares of the company's 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 completion of the sale, the director directly owned 200,000 shares in the company, valued at $10,970,000. This represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jacob Dewitte sold 300,000 shares of the company'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 completion of the sale, the chief executive officer owned 10,105,098 shares of the company's stock, valued at $557,801,409.60. This trade represents a 2.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 600,000 shares of company stock valued at $35,066,500. Company insiders own 18.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Means Investment CO. Inc. bought a new position in shares of Oklo during the 2nd quarter valued at about $250,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of Oklo during the 2nd quarter valued at about $213,000. Sovereign Financial Group Inc. bought a new position in shares of Oklo during the 2nd quarter valued at about $374,000. SLT Holdings LLC bought a new position in shares of Oklo during the 2nd quarter valued at about $690,000. Finally, Total Wealth Planning & Management Inc. bought a new position in shares of Oklo during the 2nd quarter valued at about $428,000. 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.