Oklo (NYSE:OKLO) Trading Down 1.2% – Here’s What Happened

Oklo Inc. (NYSE:OKLO)’s stock price dropped 1.2% on Wednesday . The company traded as low as $44.16 and last traded at $45.6820. Approximately 6,852,603 shares were traded during trading, a decline of 42% from the average daily volume of 11,806,560 shares. The stock had previously closed at $46.24.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on OKLO. Wolfe Research began coverage on Oklo in a research note on Tuesday, May 19th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. assumed coverage on shares of Oklo in a report on Monday, May 11th. They set a “neutral” rating and a $83.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $122.00 price target on shares of Oklo in a research report on Wednesday, May 13th. Bank of America started coverage on Oklo in a report on Friday, May 22nd. They issued a “buy” rating and a $80.00 price objective for the company. Finally, Guggenheim initiated coverage on Oklo in a research note on Thursday, June 25th. They issued a “neutral” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $84.00.

Oklo Stock Performance

The stock has a market capitalization of $7.17 billion, a P/E ratio of -48.17 and a beta of 1.14. The firm has a 50-day moving average price of $58.83 and a 200 day moving average price of $65.66.

Oklo (NYSE:OKLO) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.01. During the same period in the prior year, the firm earned ($0.07) EPS. On average, equities analysts anticipate that Oklo Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Oklo news, CEO Jacob Dewitte sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $52.80, for a total transaction of $3,168,000.00. Following the completion of the transaction, the chief executive officer owned 511,533 shares of the company’s stock, valued at approximately $27,008,942.40. This trade represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Richard Craig Bealmear sold 73,081 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $68.42, for a total value of $5,000,202.02. Following the transaction, the chief financial officer directly owned 397,642 shares of the company’s stock, valued at approximately $27,206,665.64. This trade represents a 15.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 683,629 shares of company stock valued at $43,902,208 over the last quarter. Corporate insiders own 18.90% of the company’s stock.

Institutional Trading of Oklo

A number of institutional investors have recently made changes to their positions in OKLO. Royal Bank of Canada boosted its stake in shares of Oklo by 162.6% in the 1st quarter. Royal Bank of Canada now owns 92,850 shares of the company’s stock worth $2,009,000 after buying an additional 57,497 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Oklo during the 1st quarter valued at $519,000. Millennium Management LLC increased its stake in shares of Oklo by 4,974.1% in the 1st quarter. Millennium Management LLC now owns 582,002 shares of the company’s stock worth $12,589,000 after purchasing an additional 570,532 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Oklo by 165.6% in the 1st quarter. NewEdge Advisors LLC now owns 15,672 shares of the company’s stock worth $339,000 after purchasing an additional 9,772 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Oklo by 90.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 112,772 shares of the company’s stock worth $2,439,000 after purchasing an additional 53,703 shares during the period. Hedge funds and other institutional investors own 85.03% of the company’s stock.

About Oklo

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.