Oklo (NYSE:OKLO) Stock Price Down 11% – Here’s What Happened

Oklo Inc. (NYSE:OKLO)’s share price dropped 11% on Friday . The stock traded as low as $56.63 and last traded at $58.2250. Approximately 18,312,665 shares were traded during mid-day trading, an increase of 49% from the average daily volume of 12,315,845 shares. The stock had previously closed at $65.39.

Analysts Set New Price Targets

Several brokerages recently commented on OKLO. The Goldman Sachs Group reduced their price target on shares of Oklo from $91.00 to $65.00 and set a “neutral” rating for the company in a research report on Wednesday, March 18th. Bank of America initiated coverage on shares of Oklo in a research report on Friday, May 22nd. They set a “buy” rating and a $80.00 price objective on the stock. Royal Bank Of Canada set a $80.00 target price on shares of Oklo in a research note on Friday, May 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $122.00 target price on shares of Oklo in a research report on Wednesday, May 13th. Finally, Wolfe Research started coverage on Oklo in a report on Tuesday, May 19th. They set a “peer perform” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.06.

Oklo Price Performance

The firm has a market capitalization of $10.13 billion, a price-to-earnings ratio of -69.31 and a beta of 1.10. The firm’s fifty day moving average is $62.83 and its 200 day moving average is $73.51.

Oklo (NYSE:OKLO) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.01. During the same quarter last year, the business posted ($0.07) earnings per share. Equities research analysts forecast that Oklo Inc. will post -0.78 EPS for the current fiscal year.

Insider Activity

In related news, CEO Jacob Dewitte sold 140,000 shares of the business’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 owned 598,039 shares of the company’s stock, valued at approximately $42,161,749.50. The trade was a 18.97% decrease in their position. 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. Also, CFO Richard Craig Bealmear sold 73,081 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $68.42, for a total transaction of $5,000,202.02. Following the transaction, the chief financial officer owned 397,642 shares in the company, 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. Over the last ninety days, insiders sold 892,669 shares of company stock worth $55,773,903. Insiders own 18.90% of the company’s stock.

Institutional Investors Weigh In On Oklo

Several institutional investors and hedge funds have recently modified their holdings of OKLO. Prestige Wealth Management Group LLC lifted its stake in Oklo by 1.5% during the third quarter. Prestige Wealth Management Group LLC now owns 7,066 shares of the company’s stock worth $789,000 after purchasing an additional 101 shares during the period. Meriwether Wealth & Planning LLC grew its stake in shares of Oklo by 2.7% in the 4th quarter. Meriwether Wealth & Planning LLC now owns 4,545 shares of the company’s stock valued at $326,000 after purchasing an additional 120 shares during the period. Rossby Financial LCC raised its holdings in shares of Oklo by 75.0% in the 3rd quarter. Rossby Financial LCC now owns 350 shares of the company’s stock worth $41,000 after buying an additional 150 shares in the last quarter. NBC Securities Inc. raised its holdings in shares of Oklo by 75.0% in the 4th quarter. NBC Securities Inc. now owns 350 shares of the company’s stock worth $25,000 after buying an additional 150 shares in the last quarter. Finally, Perennial Investment Advisors LLC lifted its position in shares of Oklo by 3.4% during the 3rd quarter. Perennial Investment Advisors LLC now owns 4,676 shares of the company’s stock worth $522,000 after buying an additional 154 shares during the period. 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.