Oklo (NYSE:OKLO) Shares Down 8.5% on Analyst Downgrade

Shares of Oklo Inc. (NYSE:OKLO) dropped 8.5% during trading on Thursday after Bank of America lowered their price target on the stock from $117.00 to $111.00. Bank of America currently has a neutral rating on the stock. Oklo traded as low as $100.30 and last traded at $101.72. Approximately 12,455,495 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 18,588,211 shares. The stock had previously closed at $111.17.

OKLO has been the subject of several other research reports. Wedbush upped their target price on shares of Oklo from $80.00 to $150.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. BTIG Research restated a “neutral” rating on shares of Oklo in a research report on Tuesday, August 12th. Seaport Res Ptn downgraded shares of Oklo from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 23rd. BNP Paribas raised shares of Oklo to a “strong sell” rating in a research note on Friday, July 25th. Finally, Barclays set a $146.00 target price on Oklo in a research note on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $106.29.

Insider Buying and Selling

In other Oklo news, CEO Jacob Dewitte sold 300,000 shares of the stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $112.26, for a total value of $33,678,000.00. Following the completion of the sale, the chief executive officer owned 9,780,098 shares in the company, valued at $1,097,913,801.48. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael Stuart Klein sold 50,000 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $133.76, for a total value of $6,688,000.00. Following the completion of the sale, the director owned 150,000 shares in the company, valued at approximately $20,064,000. This trade represents a 25.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 491,387 shares of company stock worth $52,698,580. 18.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Caldwell Sutter Capital Inc. bought a new position in shares of Oklo in the 2nd quarter valued at $25,000. Private Trust Co. NA acquired a new stake in Oklo in the second quarter worth $25,000. Fourth Dimension Wealth LLC raised its position in shares of Oklo by 125.0% during the second quarter. Fourth Dimension Wealth LLC now owns 450 shares of the company’s stock worth $25,000 after purchasing an additional 250 shares during the period. Armstrong Advisory Group Inc. bought a new position in Oklo in the 3rd quarter valued at about $27,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Oklo in the 2nd quarter worth $28,000. 85.03% of the stock is owned by institutional investors.

Oklo Price Performance

The stock has a fifty day moving average of $121.81 and a 200 day moving average of $79.81. The firm has a market capitalization of $15.01 billion, a P/E ratio of -188.37 and a beta of 0.70.

Oklo (NYSE:OKLO) last announced its quarterly earnings data on Tuesday, November 11th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.07). During the same period in the prior year, the firm earned ($0.08) earnings per share. Equities analysts forecast that Oklo Inc. will post -8.2 EPS for the current fiscal year.

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.