Oklo (NYSE:OKLO) Stock Price Down 6.7% Following Analyst Downgrade

Oklo Inc. (NYSE:OKLO) shares fell 6.7% during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $31.00 to $30.00. Citigroup currently has a neutral rating on the stock. Oklo traded as low as $26.63 and last traded at $26.98. 6,056,208 shares were traded during trading, a decline of 48% from the average session volume of 11,626,747 shares. The stock had previously closed at $28.93.

A number of other equities analysts have also issued reports on the company. Wedbush restated an “outperform” rating and issued a $45.00 target price on shares of Oklo in a research note on Tuesday. B. Riley increased their price objective on Oklo from $27.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Finally, Craig Hallum assumed coverage on Oklo in a report on Tuesday, January 28th. They set a “buy” rating and a $44.00 target price for the company. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $44.25.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Portland Investment Counsel Inc. acquired a new stake in Oklo during the 3rd quarter worth about $6,493,000. HITE Hedge Asset Management LLC acquired a new stake in Oklo during the third quarter worth about $19,753,000. Atomi Financial Group Inc. acquired a new stake in Oklo during the fourth quarter worth about $19,285,000. Archford Capital Strategies LLC purchased a new position in Oklo during the fourth quarter valued at approximately $212,000. Finally, Barclays PLC acquired a new position in Oklo in the third quarter valued at approximately $58,000. 85.03% of the stock is currently owned by institutional investors and hedge funds.

Oklo Trading Down 9.7 %

The firm has a market cap of $2.91 billion, a PE ratio of -2.35 and a beta of -0.28. The company has a 50-day simple moving average of $36.17 and a 200 day simple moving average of $24.37.

Oklo (NYSE:OKLO) last posted its earnings results on Monday, March 24th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). On average, equities analysts expect that Oklo Inc. will post -8.2 earnings per share for the current year.

Oklo Company Profile

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.