Oklo (NYSE:OKLO) Stock Price Down 10.2% – Here’s Why

Shares of Oklo Inc. (NYSE:OKLO) were down 10.2% on Wednesday . The stock traded as low as $20.30 and last traded at $21.23. Approximately 15,619,316 shares were traded during mid-day trading, an increase of 146% from the average daily volume of 6,355,441 shares. The stock had previously closed at $23.65.

Analysts Set New Price Targets

OKLO has been the topic of a number of recent analyst reports. Citigroup cut their price objective on shares of Oklo from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Seaport Res Ptn upgraded Oklo to a “hold” rating in a report on Friday, September 6th. B. Riley began coverage on Oklo in a research note on Thursday, September 19th. They set a “buy” rating and a $10.00 target price for the company. Finally, Wedbush began coverage on shares of Oklo in a report on Thursday, December 19th. They issued an “outperform” rating and a $26.00 price target on the stock.

Oklo Price Performance

The stock has a fifty day moving average price of $21.70 and a two-hundred day moving average price of $13.25.

Insider Buying and Selling at Oklo

In related news, CEO Jacob Dewitte sold 230,569 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $21.61, for a total value of $4,982,596.09. Following the sale, the chief executive officer now owns 12,543,085 shares of the company’s stock, valued at $271,056,066.85. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard Kinzley acquired 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was purchased at an average price of $19.95 per share, for a total transaction of $99,750.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at $99,750. The trade was a ? increase in their ownership of the stock. The disclosure for this purchase can be found here. 21.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Portland Investment Counsel Inc. bought a new stake in shares of Oklo during the 3rd quarter worth about $6,493,000. HITE Hedge Asset Management LLC acquired a new position in Oklo in the third quarter worth approximately $19,753,000. State Street Corp acquired a new position in shares of Oklo in the 3rd quarter worth $2,889,000. DRW Securities LLC purchased a new position in Oklo in the 3rd quarter worth about $404,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Oklo in the third quarter worth approximately $104,000. 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.