Oklo (NYSE:OKLO) Trading Down 3.6% - Here's Why
Oklo Inc. (NYSE:OKLO) shares fell 3.6% to $132.52 amid a trading volume decline of 24%. Analysts have downgraded the stock, with Zacks cutting its rating to "strong sell" and setting a price target of $146. Barclays and UBS set targets of $146 and $175, respectively. The company reported a quarterly EPS of -$0.18, missing estimates. Insider selling has raised concerns, with CFO and CEO selling significant shares. Hedge funds hold 85.03% of the stock, indicating strong institutional interest.
Oklo Inc. (NYSE:OKLO - Get Free Report)'s share price was down 3.6% during mid-day trading on Tuesday . The company traded as low as $131.20 and last traded at $132.5230. Approximately 14,340,717 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 18,869,932 shares. The stock had previously closed at $137.43.
Analysts Set New Price Targets
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Several analysts have recently weighed in on OKLO shares. Zacks Research cut Oklo from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 14th. Barclays set a $146.00 price target on Oklo in a report on Monday, September 29th. UBS Group set a $175.00 target price on Oklo in a report on Thursday, October 9th. William Blair reissued an "outperform" rating on shares of Oklo in a research report on Tuesday, August 12th. Finally, BNP Paribas upgraded shares of Oklo to a "strong sell" rating in a research report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $98.14.
Check Out Our Latest Stock Report on OKLO
Oklo Stock Down 3.6%
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The company has a market capitalization of $19.56 billion, a price-to-earnings ratio of -315.52 and a beta of 0.69. The business has a 50-day moving average price of $109.98 and a two-hundred day moving average price of $71.55.
Oklo (NYSE:OKLO - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). On average, sell-side analysts anticipate that Oklo Inc. will post -8.2 EPS for the current fiscal year.
Insider Transactions at Oklo
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In other Oklo news, CFO Richard Craig Bealmear sold 92,378 shares of the firm's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $93.73, for a total value of $8,658,589.94. Following the completion of the transaction, the chief financial officer owned 75,738 shares in the company, valued at $7,098,922.74. This trade represents a 54.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jacob Dewitte sold 300,000 shares of the firm's stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $112.26, for a total value of $33,678,000.00. Following the completion of the transaction, the chief executive officer owned 9,780,098 shares of the company's stock, valued at approximately $1,097,913,801.48. This represents a 2.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 491,387 shares of company stock worth $52,698,580 over the last 90 days. 18.90% of the stock is owned by insiders.
Hedge Funds Weigh In On Oklo
A number of large investors have recently modified their holdings of the company. Plancorp LLC boosted its position in shares of Oklo by 1.2% during the third quarter. Plancorp LLC now owns 6,089 shares of the company's stock valued at $680,000 after purchasing an additional 73 shares in the last quarter. Howard Financial Services LTD. boosted its position in shares of Oklo by 3.8% during the third quarter. Howard Financial Services LTD. now owns 4,333 shares of the company's stock valued at $484,000 after purchasing an additional 158 shares in the last quarter. Wolff Wiese Magana LLC boosted its position in shares of Oklo by 4.0% during the third quarter. Wolff Wiese Magana LLC now owns 4,360 shares of the company's stock valued at $487,000 after purchasing an additional 169 shares in the last quarter. KBC Group NV boosted its position in shares of Oklo by 11.8% during the second quarter. KBC Group NV now owns 1,849 shares of the company's stock valued at $104,000 after purchasing an additional 195 shares in the last quarter. Finally, Pasadena Private Wealth LLC boosted its position in shares of Oklo by 5.8% during the third quarter. Pasadena Private Wealth LLC now owns 3,802 shares of the company's stock valued at $424,000 after purchasing an additional 210 shares in the last quarter. 85.03% of the stock is owned by hedge funds and other institutional investors.
About Oklo
(Get Free Report)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.
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