Oklo (NYSE:OKLO) Stock Price Down 5.1% – Here’s What Happened

Shares of Oklo Inc. (NYSE:OKLO) dropped 5.1% on Tuesday . The stock traded as low as $38.05 and last traded at $38.51. 7,762,048 shares traded hands during trading, a decline of 32% from the average session volume of 11,358,886 shares. The stock had previously closed at $40.57.

Analysts Set New Price Targets

Several analysts have recently issued reports on OKLO shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Oklo in a research report on Friday, August 7th. Truist Financial decreased their price target on shares of Oklo from $55.00 to $51.00 and set a “hold” rating on the stock in a research note on Monday, August 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $122.00 price objective on shares of Oklo in a report on Wednesday, May 13th. JPMorgan Chase & Co. initiated coverage on Oklo in a research note on Monday, May 11th. They set a “neutral” rating and a $83.00 price objective for the company. Finally, Citigroup reduced their target price on Oklo from $76.00 to $57.50 and set a “neutral” rating for the company in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $85.03.

Oklo Price Performance

The stock’s fifty day moving average price is $45.22 and its 200-day moving average price is $56.15. The firm has a market cap of $7.16 billion, a PE ratio of -40.97 and a beta of 1.17.

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

Insiders Place Their Bets

In related news, General Counsel Vivek Narayanadas sold 3,264 shares of Oklo stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $39.77, for a total transaction of $129,809.28. Following the transaction, the general counsel owned 7,822 shares in the company, valued at approximately $311,080.94. This trade represents a 29.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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, insider William Carroll Murphy Goodwin sold 11,592 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $39.77, for a total value of $461,013.84. Following the completion of the sale, the insider directly owned 45,268 shares of the company’s stock, valued at $1,800,308.36. This trade represents a 20.39% decrease in their ownership of the stock. 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 216,175 shares of company stock valued at $11,228,709 in the last ninety days. 12.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of OKLO. Sei Investments Co. increased its holdings in shares of Oklo by 344.6% during the 1st quarter. Sei Investments Co. now owns 50,096 shares of the company’s stock worth $2,484,000 after buying an additional 38,829 shares during the last quarter. DNB Asset Management AS lifted its holdings in Oklo by 151.7% in the fourth quarter. DNB Asset Management AS now owns 28,625 shares of the company’s stock valued at $2,054,000 after acquiring an additional 17,253 shares during the last quarter. Danske Bank A S purchased a new position in Oklo in the fourth quarter worth approximately $2,992,000. Bank of America Corp DE increased its stake in Oklo by 55.3% during the first quarter. Bank of America Corp DE now owns 620,281 shares of the company’s stock worth $30,760,000 after acquiring an additional 220,976 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Oklo during the fourth quarter worth $3,796,000. Institutional investors and hedge funds 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.