Oklo (NYSE:OKLO) Shares Down 9.5% – Here’s Why

Oklo Inc. (NYSE:OKLO)’s stock price dropped 9.5% during mid-day trading on Tuesday . The stock traded as low as $21.36 and last traded at $21.41. Approximately 7,071,056 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 6,317,277 shares. The stock had previously closed at $23.65.

Wall Street Analyst Weigh In

OKLO has been the subject of several research analyst reports. B. Riley initiated coverage on Oklo in a research report on Thursday, September 19th. They set a “buy” rating and a $10.00 price objective for the company. Wedbush began coverage on Oklo in a report on Thursday, December 19th. They set an “outperform” rating and a $26.00 price target for the company. Seaport Res Ptn raised Oklo to a “hold” rating in a research report on Friday, September 6th. Finally, Citigroup dropped their target price on shares of Oklo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th.

Oklo Stock Performance

The business has a 50-day moving average of $21.61 and a two-hundred day moving average of $13.02.

Insiders Place Their Bets

In other Oklo news, Director Richard Kinzley purchased 5,000 shares of the business’s stock in a transaction on Monday, December 23rd. The stock was purchased at an average price of $19.95 per share, for a total transaction of $99,750.00. Following the completion of the purchase, the director now directly owns 5,000 shares in the company, valued at approximately $99,750. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jacob Dewitte sold 230,569 shares of Oklo stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $21.61, for a total value of $4,982,596.09. Following the sale, the chief executive officer now directly owns 12,543,085 shares in the company, valued at $271,056,066.85. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 21.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Barclays PLC acquired a new stake in shares of Oklo during the third quarter worth approximately $58,000. Y Intercept Hong Kong Ltd bought a new stake in Oklo during the 3rd quarter worth approximately $94,000. Peapack Gladstone Financial Corp bought a new stake in Oklo during the 3rd quarter worth approximately $100,000. Sanctuary Advisors LLC acquired a new stake in Oklo during the 3rd quarter valued at $100,000. Finally, MML Investors Services LLC bought a new position in Oklo in the 3rd quarter valued at $104,000. 85.03% of the stock is currently owned by institutional investors and hedge funds.

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.