Oklo (NYSE:OKLO) Stock Price Down 5% – Here’s Why

Oklo Inc. (NYSE:OKLO)’s share price dropped 5% during mid-day trading on Friday . The company traded as low as $72.78 and last traded at $74.02. Approximately 6,019,447 shares changed hands during trading, a decline of 66% from the average daily volume of 17,881,049 shares. The stock had previously closed at $77.89.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. CLSA raised shares of Oklo from an “outperform” rating to a “moderate buy” rating and increased their price objective for the company from $50.00 to $74.00 in a research report on Tuesday, May 27th. Daiwa America raised shares of Oklo from a “hold” rating to a “strong-buy” rating in a research report on Sunday, July 27th. Cantor Fitzgerald set a $73.00 price objective on shares of Oklo and gave the company an “overweight” rating in a research report on Tuesday, July 15th. HC Wainwright increased their price objective on shares of Oklo from $55.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. Finally, Citigroup increased their price objective on shares of Oklo from $30.00 to $68.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $66.45.

Oklo Stock Performance

The stock’s 50-day moving average is $66.79 and its 200 day moving average is $46.08. The stock has a market capitalization of $10.89 billion, a PE ratio of -175.60 and a beta of 0.60.

Oklo (NYSE:OKLO) last posted its earnings results on Monday, August 11th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). Analysts expect that Oklo Inc. will post -8.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Michael Stuart Klein sold 150,000 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $62.74, for a total value of $9,411,000.00. Following the transaction, the director directly owned 250,000 shares of the company’s stock, valued at $15,685,000. This trade represents a 37.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jacob Dewitte sold 300,000 shares of the firm’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 transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 600,000 shares of company stock worth $35,066,500 over the last ninety days. Insiders own 18.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. OneDigital Investment Advisors LLC purchased a new position in Oklo during the 1st quarter worth $229,000. Cambridge Investment Research Advisors Inc. grew its position in Oklo by 66.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 68,577 shares of the company’s stock worth $1,483,000 after purchasing an additional 27,458 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Oklo during the 1st quarter worth $413,000. Spire Wealth Management grew its position in Oklo by 14.1% during the 1st quarter. Spire Wealth Management now owns 3,896 shares of the company’s stock worth $84,000 after purchasing an additional 481 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Oklo during the 1st quarter worth $254,000. 85.03% of the stock is owned by hedge funds and other institutional investors.

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.