Oklo (NYSE:OKLO) Shares Gap Down Following Insider Selling

Shares of Oklo Inc. (NYSE:OKLO) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $131.17, but opened at $110.96. Oklo shares last traded at $119.28, with a volume of 16,046,654 shares changing hands.

Specifically, Director Michael Stuart Klein sold 50,000 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $133.76, for a total transaction of $6,688,000.00. Following the completion of the sale, the director directly owned 150,000 shares of the company’s stock, valued at approximately $20,064,000. This represents a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Richard Craig Bealmear sold 7,622 shares of the stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $101.44, for a total transaction of $773,175.68. Following the completion of the transaction, the chief financial officer directly owned 121,913 shares of the company’s stock, valued at $12,366,854.72. The trade was a 5.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CFO Richard Craig Bealmear sold 92,378 shares of the stock in a transaction that occurred on Wednesday, September 17th. The shares were 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 directly owned 75,738 shares of the company’s stock, 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 SEC, which is available through this hyperlink.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Seaport Res Ptn lowered shares of Oklo from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. UBS Group assumed coverage on shares of Oklo in a research report on Wednesday, August 20th. They issued a “neutral” rating and a $65.00 price objective for the company. BNP Paribas Exane assumed coverage on shares of Oklo in a research report on Friday, July 25th. They issued an “underperform” rating and a $14.00 price objective for the company. Daiwa Capital Markets raised shares of Oklo from a “neutral” rating to an “outperform” rating in a research report on Sunday, July 27th. Finally, Daiwa America raised shares of Oklo from a “hold” rating to a “strong-buy” rating in a research report on Sunday, July 27th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $76.50.

Oklo Stock Performance

The company’s fifty day moving average is $81.18 and its two-hundred day moving average is $53.55. The company has a market cap of $17.59 billion, a price-to-earnings ratio of -283.78 and a beta of 0.59.

Oklo (NYSE:OKLO) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate 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.

Institutional Investors Weigh In On Oklo

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Oklo by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 4,381,397 shares of the company’s stock worth $94,770,000 after purchasing an additional 37,718 shares during the period. Geode Capital Management LLC grew its stake in shares of Oklo by 195.9% during the 2nd quarter. Geode Capital Management LLC now owns 2,248,425 shares of the company’s stock worth $125,906,000 after purchasing an additional 1,488,482 shares during the period. State Street Corp grew its stake in shares of Oklo by 454.5% during the 2nd quarter. State Street Corp now owns 2,138,658 shares of the company’s stock worth $119,743,000 after purchasing an additional 1,752,946 shares during the period. Compound Planning Inc. grew its stake in shares of Oklo by 6.2% during the 1st quarter. Compound Planning Inc. now owns 964,827 shares of the company’s stock worth $20,869,000 after purchasing an additional 56,437 shares during the period. Finally, Portland Investment Counsel Inc. grew its stake in shares of Oklo by 0.6% during the 1st quarter. Portland Investment Counsel Inc. now owns 807,580 shares of the company’s stock worth $17,358,000 after purchasing an additional 5,000 shares during the period. Institutional investors and hedge funds own 85.03% of the company’s stock.

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.