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

Oklo Inc. (NYSE:OKLO) dropped 8.8% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $28.10 and last traded at $28.19. Approximately 9,772,903 shares traded hands during 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) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.01).

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on OKLO. Craig Hallum started coverage on Oklo in a report on Tuesday, January 28th. They set a “buy” rating and a $44.00 price target for the company. B. Riley raised their target price on shares of Oklo from $27.00 to $58.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Wedbush reiterated an “outperform” rating and set a $45.00 price target on shares of Oklo in a research note on Tuesday. Finally, Citigroup cut their price target on shares of Oklo from $31.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $44.25.

Institutional Trading of Oklo

A number of institutional investors have recently added to or reduced their stakes in OKLO. DRW Securities LLC purchased a new position in Oklo in the third quarter valued at about $404,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Oklo in the 3rd quarter valued at approximately $135,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Oklo during the third quarter worth $104,000. Portland Investment Counsel Inc. purchased a new stake in Oklo during the third quarter worth $6,493,000. Finally, Atom Investors LP acquired a new stake in Oklo in the third quarter valued at $657,000. Hedge funds and other institutional investors own 85.03% of the company’s stock.

Oklo Price Performance

The business has a 50-day moving average price of $36.18 and a two-hundred day moving average price of $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.