Oklo Shares Decline 5.7% Amid Analyst Ratings and Insider Sales
Shares of Oklo Inc. (NYSE:OKLO) experienced a notable decline of 5.7% during mid-day trading on Monday, hitting a low of $82.00 before recovering slightly to trade at $82.4150. The stock’s trading volume reached approximately 9,616,934 shares, which is a 47% decrease from its average daily volume of 18,078,916 shares. This drop follows the stock’s previous closing price of $87.42.
Analysts Weigh In on Oklo’s Performance
Several financial analysts have recently provided insights into Oklo’s stock performance. On September 29, 2023, Barclays set a target price of $146.00 for Oklo. Meanwhile, Citigroup reaffirmed a “neutral” rating for the stock on November 24, 2023. Additionally, William Blair reiterated an “outperform” rating on November 12, 2023, while Canaccord Genuity Group initiated coverage with a “buy” rating and a target price of $175.00 on October 9, 2023. The Goldman Sachs Group also began coverage on the stock with a “neutral” rating and a price objective of $117.00.
Overall, two analysts rated Oklo with a Strong Buy, nine assigned a Buy rating, seven gave a Hold rating, and three issued Sell ratings. Data from MarketBeat.com reveals a consensus rating of “Hold” with an average target price of $102.87.
Earnings Report and Insider Transactions
Oklo released its earnings results on November 12, 2023, reporting a loss of ($0.20) earnings per share for the quarter, falling short of the consensus estimate of ($0.13) by ($0.07). This performance is a decline from the previous year’s loss of ($0.08) per share. Analysts project that Oklo will post an EPS of -8.2 for the current year.
In related news, insider William Carroll Murphy Goodwin sold 5,864 shares on December 1, 2023, at an average price of $88.42, totaling approximately $518,494.88. Following this transaction, Goodwin holds 13,620 shares valued at around $1,204,280.40, marking a 30.10% decrease in his position. This sale was disclosed in a filing with the Securities & Exchange Commission.
Similarly, Chief Financial Officer Richard Craig Bealmear sold 7,622 shares on September 18, 2023, at an average price of $101.44, amounting to approximately $773,175.68. After the sale, Bealmear retains 121,913 shares valued at about $12,366,854.72, which represents a 5.88% decrease in his holding. Insiders have collectively sold 375,422 shares worth $42,873,233 over the past three months, with corporate insiders owning 18.90% of the stock.
Institutional Investor Activity
Recent movements by institutional investors reflect changes in their positions in Oklo. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake by 71.8% in the third quarter, acquiring an additional 2,968,981 shares, resulting in a total holding of 7,102,234 shares valued at approximately $792,822,000.
Meanwhile, Vanguard Group Inc. increased its position by 33.4%, now owning 11,593,468 shares worth $1,294,179,000. State Street Corp. significantly raised its holdings by 454.5%, while Geode Capital Management LLC expanded its stake by 195.9%. Lastly, Van ECK Associates Corp. increased its position by 61.0% in the third quarter, now holding 3,474,993 shares valued at approximately $387,914,000. Currently, institutional investors collectively own 85.03% of the stock.
About Oklo Inc.
Founded in 2013 and based in Santa Clara, California, Oklo Inc. designs and develops fission power plants aimed at providing reliable, commercial-scale energy solutions in the United States. The company also specializes in used nuclear fuel recycling services.
This recent downturn in Oklo’s stock, alongside mixed analyst ratings and significant insider trading, highlights the evolving landscape for investors in the energy sector. As the company continues its operations, stakeholders will be keen to monitor both market responses and financial performance in the coming quarters.
