Oklo (NYSE:OKLO) Trading Up 11.2% – Here’s What Happened

Oklo Inc. (NYSE:OKLO)’s share price shot up 11.2% on Thursday . The stock traded as high as $76.20 and last traded at $74.49. 18,737,449 shares traded hands during trading, an increase of 4% from the average session volume of 18,077,662 shares. The stock had previously closed at $66.97.

Analyst Ratings Changes

Several research firms recently weighed in on OKLO. Citigroup lifted their price objective on shares of Oklo from $30.00 to $68.00 and gave the stock a “neutral” rating in a research note on Tuesday. Wedbush set a $75.00 price objective on shares of Oklo and gave the stock an “outperform” rating in a research note on Thursday, June 12th. Craig Hallum lowered shares of Oklo from a “buy” rating to a “hold” rating and set a $59.00 price objective on the stock. in a research note on Monday, June 23rd. William Blair began coverage on shares of Oklo in a research note on Wednesday, May 28th. They set an “outperform” rating on the stock. Finally, Daiwa America raised shares of Oklo to a “hold” rating in a research note on Friday, July 11th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $59.33.

Oklo Stock Performance

The stock has a market capitalization of $10.52 billion, a price-to-earnings ratio of -13.93 and a beta of 0.57. The firm’s fifty day simple moving average is $56.39 and its 200 day simple moving average is $39.62.

Oklo (NYSE:OKLO) last announced its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.04. Analysts forecast that Oklo Inc. will post -8.2 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Jacob Dewitte sold 300,000 shares of Oklo stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $55.20, for a total value of $16,560,000.00. Following the sale, the chief executive officer directly owned 10,105,098 shares in the company, valued at $557,801,409.60. This trade represents a 2.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael Stuart Klein sold 50,000 shares of Oklo stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $54.85, for a total transaction of $2,742,500.00. Following the completion of the sale, the director owned 200,000 shares in the company, valued at $10,970,000. This trade represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 600,000 shares of company stock worth $35,066,500 over the last quarter. 18.90% of the stock is owned by corporate insiders.

Institutional Trading of Oklo

A number of hedge funds and other institutional investors have recently made changes to their positions in OKLO. Raymond James Financial Inc. acquired a new stake in shares of Oklo in the fourth quarter valued at approximately $2,209,000. HighTower Advisors LLC acquired a new position in Oklo during the fourth quarter worth $348,000. Swiss National Bank acquired a new position in Oklo during the fourth quarter worth $1,265,000. Commonwealth Equity Services LLC acquired a new position in Oklo during the fourth quarter worth $877,000. Finally, KLP Kapitalforvaltning AS acquired a new position in Oklo during the fourth quarter worth $287,000. 85.03% of the stock is currently owned by institutional investors and hedge funds.

About Oklo

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.