Oklo (NYSE:OKLO) Shares Down 2% - What's Next?

Oklo Inc. (NYSE:OKLO - Get Free Report)'s share price dropped 2% on Tuesday . The company traded as low as $27.50 and last traded at $28.80. Approximately 5,991,379 shares changed hands during trading, a decline of 70% from the average daily volume of 19,648,289 shares. The stock had previously closed at $29.38.

Wall Street Analysts Forecast Growth

OKLO has been the topic of a number of recent research reports. Citigroup upped their price objective on Oklo from $10.00 to $31.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 8th. B. Riley upped their price objective on Oklo from $27.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Craig Hallum initiated coverage on Oklo in a research report on Tuesday, January 28th. They set a "buy" rating and a $44.00 price objective on the stock. Finally, Wedbush upped their price objective on Oklo from $26.00 to $45.00 and gave the stock an "outperform" rating in a research report on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.50.

Oklo Stock Up 1.1 %

The firm has a fifty day moving average of $35.61 and a 200 day moving average of $22.39.

Insider Activity at Oklo

In other Oklo news, CEO Jacob Dewitte sold 230,569 shares of the firm's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $21.61, for a total transaction of $4,982,596.09. Following the transaction, the chief executive officer now owns 12,543,085 shares of the company's stock, valued at approximately $271,056,066.85. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard Kinzley acquired 5,000 shares of the company's stock in a transaction on Monday, December 23rd. The shares were purchased at an average cost of $19.95 per share, for a total transaction of $99,750.00. Following the acquisition, the director now owns 5,000 shares of the company's stock, valued at approximately $99,750. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 21.80% of the stock is currently owned by corporate insiders.

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Hedge Funds Weigh In On Oklo

Hedge funds have recently made changes to their positions in the company. Portland Investment Counsel Inc. purchased a new position in shares of Oklo during the third quarter worth about $6,493,000. HITE Hedge Asset Management LLC acquired a new stake in shares of Oklo during the third quarter worth about $19,753,000. Atomi Financial Group Inc. acquired a new stake in shares of Oklo during the fourth quarter worth about $19,285,000. Archford Capital Strategies LLC acquired a new stake in shares of Oklo during the fourth quarter worth about $212,000. Finally, Barclays PLC acquired a new stake in shares of Oklo during the third quarter worth about $58,000. Hedge funds and other institutional investors 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.