Oklo (NYSE:OKLO) Hits New 52-Week Low on Insider Selling

Oklo Inc. (NYSE:OKLO) shares hit a new 52-week low during trading on Monday after an insider sold shares in the company. The stock traded as low as $24.38 and last traded at $24.5440, with a volume of 3,092,574 shares traded. The stock had previously closed at $25.25.

Specifically, insider Alexandra Renner sold 1,068 shares of the business’s stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $26.71, for a total value of $28,526.28. Following the transaction, the insider directly owned 593,750 shares in the company, valued at $15,859,062.50. The trade was a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John Hanson sold 1,034 shares of the company’s stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $26.71, for a total value of $27,618.14. Following the transaction, the insider directly owned 361,277 shares in the company, valued at $9,649,708.67. This represents a 0.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Canaccord Genuity Group dropped their target price on Oklo from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. TD Cowen initiated coverage on shares of Oklo in a report on Monday, October 26th. They set a “hold” rating and a $26.00 price objective for the company. B. Riley Financial reduced their price target on shares of Oklo from $92.00 to $61.00 and set a “buy” rating on the stock in a research report on Wednesday, October 28th. UBS Group decreased their price objective on Oklo from $55.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, September 25th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Oklo in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Oklo currently has an average rating of “Moderate Buy” and an average price target of $69.72.

Oklo News Summary

Here are the key news stories impacting Oklo this week:

• Positive Sentiment: Wedbush initiated coverage with an Outperform rating and a $36 target, implying substantial upside from recent levels. Its target was sharply reduced from $110, however, underscoring a more cautious valuation outlook. Wedbush target article
• Positive Sentiment: Oklo has achieved low-power criticality at its Groves project, while progress on its Aurora reactor, manufacturing capacity and fuel supply could support its longer-term growth if converted into licensed projects and revenue. Fool article on Oklo’s reactor start-up
• Neutral Sentiment: Oklo was identified as the most-shorted utility stock in its market-cap category. Heavy short interest can add volatility, potentially amplifying either further declines or a rebound. Short-interest report
• Negative Sentiment: CEO Jacob DeWitte sold 40,000 shares and CFO Richard Bealmear sold 16,727 shares. Both transactions were made under pre-arranged Rule 10b5-1 plans, and each executive retained a sizable stake, but the sales may weigh on sentiment. CEO SEC filing CFO SEC filing
• Negative Sentiment: Recent coverage points to rising development costs, a history of earnings misses and limited current revenue ahead of Q3 results. Oklo’s steep recent decline to a new 52-week low reflects investors’ concern about execution and its ability to turn development progress into commercial sales. Zacks analysis TIKR analysis

Oklo Price Performance

The company has a market capitalization of $4.10 billion, a P/E ratio of -23.45 and a beta of 1.31. The stock’s 50 day moving average is $34.83 and its 200-day moving average is $53.41.

Oklo (NYSE:OKLO) last released its quarterly earnings results on Friday, August 7th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.12). The company had revenue of $1.21 million during the quarter, compared to the consensus estimate of $0.09 million. During the same quarter in the previous year, the company earned ($0.18) EPS. The firm’s quarterly revenue was up 11900.0% compared to the same quarter last year. On average, equities research analysts anticipate that Oklo Inc. will post -1.01 EPS for the current year.

Hedge Funds Weigh In On Oklo

A number of hedge funds have recently bought and sold shares of OKLO. United Capital Management of KS Inc. bought a new position in shares of Oklo in the third quarter worth about $9,406,000. AlphaCore Capital LLC bought a new stake in Oklo during the 3rd quarter valued at approximately $435,000. Midwest Capital Advisors LLC purchased a new position in Oklo in the 3rd quarter worth approximately $67,000. Fulcrum Asset Management LLP lifted its holdings in Oklo by 1,733.4% in the 3rd quarter. Fulcrum Asset Management LLP now owns 17,821 shares of the company’s stock worth $661,000 after purchasing an additional 16,849 shares in the last quarter. Finally, StoneX Group Inc. boosted its stake in Oklo by 473.7% in the 3rd quarter. StoneX Group Inc. now owns 20,692 shares of the company’s stock worth $801,000 after purchasing an additional 17,085 shares during the period. Institutional investors own 85.03% of the company’s stock.

Oklo Company Profile

Oklo Inc is an advanced nuclear technology company developing compact fission power plants designed to provide reliable, carbon-free electricity. Its flagship product, the Aurora powerhouse, is a small modular reactor intended to operate with a high degree of fuel efficiency and to supply power directly to customers such as utilities, industrial facilities, data centers and other energy-intensive operations.

The company is also developing fuel-recycling capabilities intended to convert used nuclear fuel and other material into fuel for advanced reactors.