Oklo (NYSE:OKLO) Stock Price Down 6.9% – Here’s Why

Shares of Oklo Inc. (NYSE:OKLO) fell 6.9% during mid-day trading on Friday. The stock traded as low as $27.59 and last traded at $27.9480. 9,450,849 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 11,187,026 shares. The stock had previously closed at $30.01.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OKLO. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oklo in a research report on Friday, August 7th. Piper Sandler reissued an “overweight” rating on shares of Oklo in a report on Thursday, October 1st. Truist Financial set a $51.00 price target on Oklo in a report on Monday, September 28th. Barclays dropped their price target on Oklo from $82.00 to $76.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 22nd. Finally, Guggenheim assumed coverage on Oklo in a report on Thursday, June 25th. They issued a “neutral” rating for the company. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Oklo currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.44.

Oklo Stock Down 6.9%

The firm has a market capitalization of $5.20 billion, a PE ratio of -29.73 and a beta of 1.20. The stock’s fifty day simple moving average is $39.36 and its 200 day simple moving average is $50.54.

Oklo (NYSE:OKLO) last announced its earnings results on Friday, August 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.12). The company had revenue of $1.21 million during the quarter, compared to the consensus estimate of $0.09 million. During the same quarter in the prior year, the company posted ($0.18) earnings per share. The business’s revenue for the quarter was up 11900.0% compared to the same quarter last year. On average, analysts predict that Oklo Inc. will post -1.02 EPS for the current year.

Insiders Place Their Bets

In other Oklo news, General Counsel Vivek Narayanadas sold 3,264 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $39.77, for a total value of $129,809.28. Following the completion of the transaction, the general counsel directly owned 7,822 shares in the company, valued at $311,080.94. This represents a 29.44% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jacob DeWitte sold 80,000 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $38.69, for a total transaction of $3,095,200.00. Following the completion of the sale, the chief executive officer directly owned 398,039 shares of the company’s stock, valued at approximately $15,400,128.91. This trade represents a 16.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 287,994 shares of company stock valued at $10,863,590. Insiders own 12.70% of the company’s stock.

Institutional Investors Weigh In On Oklo

A number of institutional investors have recently bought and sold shares of the business. Bank of America Corp DE increased its stake in Oklo by 55.3% in the 1st quarter. Bank of America Corp DE now owns 620,281 shares of the company’s stock worth $30,760,000 after buying an additional 220,976 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Oklo by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 516,886 shares of the company’s stock valued at $25,632,000 after acquiring an additional 5,945 shares in the last quarter. Swiss National Bank lifted its position in shares of Oklo by 7.1% in the first quarter. Swiss National Bank now owns 324,900 shares of the company’s stock valued at $16,112,000 after acquiring an additional 21,400 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of Oklo by 427.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 171,128 shares of the company’s stock worth $12,280,000 after acquiring an additional 138,659 shares during the period. Finally, Amundi boosted its stake in shares of Oklo by 59.0% in the first quarter. Amundi now owns 164,824 shares of the company’s stock worth $8,174,000 after acquiring an additional 61,161 shares during the period. Hedge funds and other institutional investors own 85.03% of the company’s stock.

Oklo Company Profile

Oklo Inc is an advanced fission technology company developing compact nuclear power plants designed to provide reliable, carbon-free electricity. Its flagship Aurora powerhouse is a small-scale fission system intended to operate for extended periods and supply power directly to industrial, commercial, and other large energy users.

The company is also developing fuel-recycling capabilities to support the use of recovered nuclear fuel in advanced reactors. Oklo has pursued partnerships and regulatory work in the United States, including activities associated with the Idaho National Laboratory, and is initially focused on serving U.S.