Oklo (NYSE:OKLO) Stock Price Up 5.6% – Here’s What Happened

Shares of Oklo Inc. (NYSE:OKLO) were up 5.6% during trading on Monday . The stock traded as high as $40.86 and last traded at $40.14. 11,252,011 shares were traded during mid-day trading, a decline of 1% from the average session volume of 11,341,022 shares. The stock had previously closed at $38.00.

Analyst Ratings Changes

OKLO has been the subject of several analyst reports. HC Wainwright reiterated a “buy” rating and issued a $90.00 price objective on shares of Oklo in a research note on Monday, August 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Oklo in a research report on Friday, August 7th. Guggenheim started coverage on shares of Oklo in a report on Thursday, June 25th. They set a “neutral” rating on the stock. Piper Sandler assumed coverage on shares of Oklo in a research report on Tuesday, September 8th. They issued an “overweight” rating and a $55.00 price target for the company. Finally, Citigroup cut their price target on Oklo from $76.00 to $57.50 and set a “neutral” rating for the company in a research note on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Oklo has a consensus rating of “Moderate Buy” and a consensus price target of $83.26.

Oklo Price Performance

The firm’s 50-day simple moving average is $41.54 and its 200 day simple moving average is $53.19. The firm has a market capitalization of $7.22 billion, a price-to-earnings ratio of -41.29 and a beta of 1.18.

Oklo (NYSE:OKLO) last issued its earnings results on Friday, August 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.12). The business had revenue of $1.21 million during the quarter, compared to analysts’ expectations of $0.09 million. During the same quarter in the previous year, the company posted ($0.18) earnings per share. The business’s quarterly revenue was up 11900.0% on a year-over-year basis. As a group, research analysts predict that Oklo Inc. will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, General Counsel Vivek Narayanadas sold 3,264 shares of the stock in a transaction dated 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 owned 7,822 shares of the company’s stock, valued at approximately $311,080.94. This represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, CFO Richard Bealmear sold 16,430 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $38.76, for a total transaction of $636,826.80. Following the completion of the sale, the chief financial officer owned 455,976 shares in the company, valued at approximately $17,673,629.76. The trade was a 3.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 362,030 shares of company stock valued at $16,851,123 over the last ninety days. 12.70% of the stock is owned by insiders.

Institutional Trading of Oklo

A number of hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its stake in shares of Oklo by 13.9% in the 4th quarter. Van ECK Associates Corp now owns 3,956,281 shares of the company’s stock valued at $283,902,000 after acquiring an additional 481,288 shares during the last quarter. Geode Capital Management LLC raised its position in Oklo by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 2,816,007 shares of the company’s stock valued at $201,671,000 after purchasing an additional 185,265 shares during the last quarter. Norges Bank bought a new position in Oklo in the fourth quarter valued at about $73,786,000. Clear Street Group Inc. boosted its stake in shares of Oklo by 110.5% during the fourth quarter. Clear Street Group Inc. now owns 842,172 shares of the company’s stock valued at $60,434,000 after purchasing an additional 442,172 shares in the last quarter. Finally, Capital World Investors boosted its stake in shares of Oklo by 5.2% during the fourth quarter. Capital World Investors now owns 505,938 shares of the company’s stock valued at $36,306,000 after purchasing an additional 24,923 shares in the last quarter. Institutional investors and hedge funds own 85.03% of the company’s stock.

Oklo Company Profile

Oklo Inc is an advanced nuclear technology company focused on developing and commercializing small-scale fission power plants. The company’s flagship product, the Aurora powerhouse, is designed to provide reliable, long-term electricity and heat using advanced nuclear reactor technology. Oklo is targeting applications such as industrial operations, data centers, defense facilities and other customers that require dependable, low-carbon energy.

Oklo is also developing fuel-recycling capabilities intended to use certain forms of nuclear fuel more efficiently and reduce the volume of nuclear waste requiring disposal.