Oklo (NYSE:OKLO) Shares Up 6.2% - Here's Why

Oklo Inc. (NYSE:OKLO - Get Free Report)'s share price rose 6.2% during mid-day trading on Tuesday . The company traded as high as $60.90 and last traded at $58.54. Approximately 8,234,002 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 14,008,094 shares. The stock had previously closed at $55.11.

Analyst Upgrades and Downgrades

OKLO has been the topic of a number of analyst reports. Seaport Res Ptn upgraded shares of Oklo from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 9th. HC Wainwright initiated coverage on shares of Oklo in a research note on Wednesday, April 23rd. They issued a "buy" rating and a $55.00 price target on the stock. CLSA upgraded shares of 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 note on Tuesday, May 27th. Craig Hallum cut shares of Oklo from a "buy" rating to a "hold" rating and set a $59.00 target price on the stock. in a research note on Monday. Finally, BTIG Research assumed coverage on shares of Oklo in a research note on Friday, April 11th. They set a "neutral" rating on the stock. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $58.50.

Oklo Trading Up 0.6%

The firm has a market cap of $7.80 billion, a P/E ratio of -10.33 and a beta of 0.58. The company's 50 day simple moving average is $41.85 and its 200-day simple moving average is $33.87.

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

Insider Transactions at Oklo

In other news, Director Michael Stuart Klein sold 50,000 shares of the stock in a transaction that occurred 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 transaction, the director now owns 200,000 shares in the company, valued at $10,970,000. This represents a 20.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 completion of the transaction, the chief executive officer now owns 10,852,926 shares in the company, valued at $236,593,786.80. This trade represents a 0.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 341,000 shares of company stock worth $19,400,300 in the last quarter. Company insiders own 18.90% of the company's stock.

Hedge Funds Weigh In On Oklo

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Oklo by 92.8% in the 4th quarter. Vanguard Group Inc. now owns 4,343,679 shares of the company's stock worth $92,216,000 after acquiring an additional 2,090,154 shares in the last quarter. JAT Capital Mgmt LP purchased a new stake in Oklo in the 4th quarter worth approximately $14,798,000. Millennium Management LLC increased its holdings in Oklo by 4,974.1% in the 1st quarter. Millennium Management LLC now owns 582,002 shares of the company's stock worth $12,589,000 after acquiring an additional 570,532 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Oklo in the 1st quarter worth approximately $11,674,000. Finally, ARK Investment Management LLC purchased a new stake in Oklo in the 4th quarter worth approximately $9,645,000. Institutional investors own 85.03% of the company's stock.

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.