Oklo (NYSE:OKLO) Trading Down 4% – Here’s Why

Shares of Oklo Inc. (NYSE:OKLO) traded down 4% during mid-day trading on Wednesday . The company traded as low as $44.51 and last traded at $45.11. 8,322,910 shares were traded during mid-day trading, a decline of 28% from the average session volume of 11,556,555 shares. The stock had previously closed at $47.01.

Wall Street Analysts Forecast Growth

OKLO has been the subject of several analyst reports. Barclays lowered their price target on shares of Oklo from $82.00 to $76.00 and set an “overweight” rating for the company in a report on Wednesday, July 22nd. Bank of America began coverage on shares of Oklo in a report on Friday, May 22nd. They issued a “buy” rating and a $80.00 price objective on the stock. Canaccord Genuity Group decreased their price objective on shares of Oklo from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Monday. Tigress Financial initiated coverage on shares of Oklo in a research note on Monday, April 27th. They set a “buy” rating and a $130.00 target price for the company. Finally, Wedbush reissued an “outperform” rating and issued a $110.00 target price on shares of Oklo in a report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Oklo has an average rating of “Moderate Buy” and an average price target of $85.03.

Oklo Price Performance

The firm has a market cap of $8.28 billion, a price-to-earnings ratio of -47.30 and a beta of 1.17. The firm’s 50 day moving average price is $49.12 and its two-hundred day moving average price is $59.10.

Oklo (NYSE:OKLO) last released its quarterly earnings results on Friday, August 7th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.12). The firm had revenue of $1.21 million during the quarter, compared to analyst estimates of $0.09 million. Oklo’s revenue was up 11900.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.18) EPS. On average, analysts anticipate that Oklo Inc. will post -0.9 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Jacob Dewitte sold 140,000 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $68.29, for a total transaction of $9,560,600.00. Following the transaction, the chief executive officer directly owned 538,039 shares of the company’s stock, valued at $36,742,683.31. This represents a 20.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William Carroll Murphy Goodwin sold 10,548 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $58.04, for a total transaction of $612,205.92. Following the completion of the transaction, the insider owned 36,175 shares of the company’s stock, valued at $2,099,597. This represents a 22.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 483,629 shares of company stock valued at $29,855,608 over the last quarter. Company insiders own 12.70% of the company’s stock.

Institutional Investors Weigh In On Oklo

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in Oklo during the second quarter worth $24,532,000. Handelsbanken Fonder AB grew its holdings in Oklo by 43.8% in the second quarter. Handelsbanken Fonder AB now owns 52,900 shares of the company’s stock valued at $2,768,000 after purchasing an additional 16,100 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of Oklo by 12.9% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 36,609 shares of the company’s stock valued at $1,916,000 after buying an additional 4,187 shares in the last quarter. Gradient Investments LLC increased its position in shares of Oklo by 38.6% in the second quarter. Gradient Investments LLC now owns 34,335 shares of the company’s stock valued at $1,797,000 after buying an additional 9,570 shares in the last quarter. Finally, Evanson Financial LLC purchased a new stake in shares of Oklo in the 2nd quarter worth about $232,000. Hedge funds and other institutional investors own 85.03% of the company’s stock.

Oklo Company Profile

Oklo, Inc is a California-based energy technology company specializing in the design and development of advanced nuclear microreactors. Headquartered in Fremont, the firm focuses on small modular reactor (SMR) technology that leverages fast-neutron fission and liquid-metal cooling to deliver carbon-free power. Oklo’s core objective is to bring compact, factory-built reactors online within a decade, offering a low-footprint alternative to traditional large nuclear plants.

The company’s flagship product, the Aurora microreactor, is a 1.5-megawatt electric (MWe) fast reactor cooled by a sodium alloy.