Oklo (NYSE:OKLO) Stock Price Down 8.8% Following Analyst Downgrade

Oklo Inc. (NYSE:OKLO)’s share price dropped 8.8% during trading on Tuesday 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 $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.

A number of other brokerages also recently commented on OKLO. Wedbush reissued an “outperform” rating and issued a $45.00 price objective on shares of Oklo in a research report on Tuesday. Craig Hallum assumed coverage on Oklo in a research note on Tuesday, January 28th. They issued a “buy” rating and a $44.00 price target on the stock. Finally, 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.25.

Institutional Investors Weigh In On Oklo

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. HITE Hedge Asset Management LLC purchased a new position in shares of Oklo during the third quarter worth about $19,753,000. Vanguard Group Inc. grew its stake in Oklo by 92.8% during the 4th quarter. Vanguard Group Inc. now owns 4,343,679 shares of the company’s stock worth $92,216,000 after buying an additional 2,090,154 shares during the last quarter. Van ECK Associates Corp acquired a new position in Oklo during the fourth quarter worth approximately $38,661,000. Atomi Financial Group Inc. purchased a new stake in Oklo in the fourth quarter valued at approximately $19,285,000. Finally, TimesSquare Capital Management LLC acquired a new stake in shares of Oklo in the fourth quarter valued at approximately $17,104,000. 85.03% of the stock is owned by hedge funds and other institutional investors.

Oklo Trading Down 8.5 %

The business’s 50-day moving average price is $36.01 and its 200-day moving average price is $24.20.

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.