Oklo (NYSE:OKLO) Trading Down 8.8% Following Weak Earnings

Oklo Inc. (NYSE:OKLO) shares were down 8.8% on Tuesday following a weaker than expected earnings announcement. The company traded as low as $28.10 and last traded at $28.19. Approximately 9,772,903 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 11,619,570 shares. The stock had previously closed at $30.91.

The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.01).

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OKLO. Wedbush reiterated an “outperform” rating and set a $45.00 target price on shares of Oklo in a research note on Tuesday. 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. Citigroup cut their target price on Oklo from $31.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Craig Hallum initiated coverage on Oklo in a report on Tuesday, January 28th. They issued a “buy” rating and a $44.00 price target for the company. Two 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.25.

Hedge Funds Weigh In On Oklo

Hedge funds have recently made changes to their positions in the company. TD Waterhouse Canada Inc. purchased a new stake in shares of Oklo in the 4th quarter valued at about $27,000. Sandy Spring Bank acquired a new position in Oklo during the fourth quarter worth approximately $32,000. CoreCap Advisors LLC purchased a new stake in Oklo in the fourth quarter valued at approximately $32,000. Covestor Ltd acquired a new stake in shares of Oklo in the fourth quarter valued at approximately $34,000. Finally, Anfield Capital Management LLC acquired a new stake in shares of Oklo in the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 85.03% of the company’s stock.

Oklo Trading Down 8.7 %

The business’s 50-day moving average price is $36.18 and its 200-day moving average price is $24.38.

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.