Oklo (NYSE:OKLO) Shares Up 9.9% - Here's What Happened

Key Points

• Oklo Inc. saw a stock price increase of 9.7% on Thursday, reaching a last trade of $104.57 after closing at $95.29.
• Analysts have provided a mixed outlook for Oklo, with several upgrades leading to a consensus price target of $66.45, but they also reported a quarterly loss that missed estimates.
• Institutional investors hold approximately 85.03% of Oklo's stock, with significant increases in positions from multiple investment firms throughout the recent quarters.

Shares of Oklo Inc. (NYSE:OKLO - Get Free Report) shot up 9.9% during trading on Thursday . The company traded as high as $110.82 and last traded at $104.75. 27,848,192 shares traded hands during mid-day trading, an increase of 57% from the average session volume of 17,727,773 shares. The stock had previously closed at $95.29.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OKLO. UBS Group began coverage on Oklo in a research report on Wednesday, August 20th. They issued a "neutral" rating and a $65.00 price objective for the company. Bank of America began coverage on Oklo in a research report on Tuesday, August 26th. They issued a "buy" rating and a $92.00 price objective for the company. HC Wainwright raised their price objective on Oklo from $55.00 to $90.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Cantor Fitzgerald set a $73.00 price objective on Oklo and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Finally, BNP Paribas upgraded Oklo to a "strong sell" rating in a research report on Friday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $66.45.

Oklo Trading Up 17.3%

The stock has a fifty day moving average of $74.04 and a two-hundred day moving average of $49.88. The stock has a market capitalization of $18.17 billion, a price-to-earnings ratio of -293.10 and a beta of 0.59.

Oklo (NYSE:OKLO - Get Free Report) last released 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.

Insider Transactions at Oklo

In other 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 transaction of $16,560,000.00. Following the completion of the sale, the chief executive officer 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William Carroll Murphy Goodwin sold 41,387 shares of the business's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $70.09, for a total value of $2,900,814.83. The disclosure for this sale can be found here. Insiders sold a total of 391,387 shares of company stock worth $22,203,315 over the last 90 days. 18.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Oklo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKLO. State Street Corp increased its holdings in Oklo by 454.5% in the second quarter. State Street Corp now owns 2,138,658 shares of the company's stock valued at $119,743,000 after purchasing an additional 1,752,946 shares during the last quarter. Geode Capital Management LLC increased its holdings in Oklo by 195.9% in the second quarter. Geode Capital Management LLC now owns 2,248,425 shares of the company's stock valued at $125,906,000 after purchasing an additional 1,488,482 shares during the last quarter. Hood River Capital Management LLC bought a new stake in Oklo in the second quarter valued at about $40,919,000. Millennium Management LLC grew its stake in Oklo by 4,974.1% in the first quarter. Millennium Management LLC now owns 582,002 shares of the company's stock valued at $12,589,000 after acquiring an additional 570,532 shares during the period. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new position in Oklo in the first quarter valued at about $11,674,000. 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.