Oklo (NYSE:OKLO) Shares Down 8.8% Following Analyst Downgrade

Oklo Inc. (NYSE:OKLO)’s share price was down 8.8% during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $31.00 to $30.00. Citigroup currently has a neutral rating on the stock. Oklo traded as low as $28.10 and last traded at $28.19. Approximately 9,772,903 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 11,619,570 shares. The stock had previously closed at $30.91.

Several other research analysts also recently commented on the company. Craig Hallum assumed coverage on Oklo in a research note on Tuesday, January 28th. They issued a “buy” rating and a $44.00 price objective for the company. B. Riley increased their target price on shares of Oklo from $27.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Finally, Wedbush restated an “outperform” rating and set a $45.00 price target on shares of Oklo in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $44.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. HITE Hedge Asset Management LLC acquired a new position in Oklo during the 3rd quarter worth about $19,753,000. Vanguard Group Inc. boosted its stake in shares of Oklo by 92.8% in the fourth quarter. Vanguard Group Inc. now owns 4,343,679 shares of the company’s stock valued at $92,216,000 after purchasing an additional 2,090,154 shares during the period. Van ECK Associates Corp purchased a new position in shares of Oklo in the fourth quarter valued at approximately $38,661,000. Atomi Financial Group Inc. acquired a new position in shares of Oklo in the fourth quarter valued at approximately $19,285,000. Finally, TimesSquare Capital Management LLC acquired a new stake in Oklo during the 4th quarter worth approximately $17,104,000. 85.03% of the stock is currently owned by hedge funds and other institutional investors.

Oklo Trading Down 8.5 %

The stock’s fifty day simple moving average is $36.01 and its 200-day simple moving average is $24.20.

Oklo Company Profile

Oklo Inc designs and develops fission power plants to provide reliable and commercial-scale energy to customers in the United States. It also provides used nuclear fuel recycling services. The company was founded in 2013 and is based in Santa Clara, California.