Oklo (NYSE:OKLO) Trading Up 16.8% – Here’s Why

Oklo Inc. (NYSE:OKLO) shares were up 16.8% during mid-day trading on Wednesday . The stock traded as high as $80.08 and last traded at $79.8450. Approximately 22,564,700 shares were traded during trading, an increase of 96% from the average daily volume of 11,534,696 shares. The stock had previously closed at $68.38.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on OKLO shares. Tigress Financial started coverage on Oklo in a research note on Monday, April 27th. They set a “buy” rating and a $130.00 target price on the stock. Citigroup decreased their target price on Oklo from $95.00 to $73.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 18th. HC Wainwright restated a “buy” rating and set a $90.00 price target on shares of Oklo in a report on Wednesday, March 18th. Canaccord Genuity Group cut their price target on Oklo from $175.00 to $125.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. Finally, HSBC started coverage on Oklo in a report on Thursday, April 23rd. They set a “buy” rating and a $96.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $87.68.

Oklo Stock Performance

The firm has a market cap of $13.89 billion, a PE ratio of -110.89 and a beta of 1.16. The firm has a fifty day simple moving average of $59.81 and a two-hundred day simple moving average of $82.65.

Oklo (NYSE:OKLO) last posted its quarterly earnings data on Tuesday, March 17th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.10). During the same quarter last year, the company earned ($0.74) earnings per share. Equities analysts forecast that Oklo Inc. will post -0.75 EPS for the current fiscal year.

Insider Activity

In other news, CEO Jacob Dewitte sold 140,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $70.50, for a total value of $9,870,000.00. Following the completion of the sale, the chief executive officer directly owned 598,039 shares of the company’s stock, valued at $42,161,749.50. This trade represents a 18.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William Carroll Murphy Goodwin sold 2,820 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $56.69, for a total value of $159,865.80. Following the completion of the sale, the insider directly owned 15,991 shares of the company’s stock, valued at $906,529.79. The trade was a 14.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 809,040 shares of company stock valued at $49,162,094 in the last ninety days. Insiders own 18.90% of the company’s stock.

Institutional Investors Weigh In On Oklo

Several hedge funds and other institutional investors have recently modified their holdings of OKLO. Royal Bank of Canada raised its holdings in shares of Oklo by 162.6% in the first 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 period. AQR Capital Management LLC purchased a new stake in shares of Oklo in the first quarter worth approximately $519,000. Millennium Management LLC raised its holdings in shares of Oklo by 4,974.1% in the first quarter. Millennium Management LLC now owns 582,002 shares of the company’s stock worth $12,589,000 after buying an additional 570,532 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Oklo by 165.6% in the first quarter. NewEdge Advisors LLC now owns 15,672 shares of the company’s stock worth $339,000 after buying 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 shares of Oklo by 90.9% in the first 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 buying an additional 53,703 shares during the period. 85.03% of the stock is currently owned by hedge funds and other institutional investors.

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.