Oklo (NYSE:OKLO) Trading Down 7.7% – What’s Next?

Oklo Inc. (NYSE:OKLO)’s share price dropped 7.7% during trading on Monday . The company traded as low as $19.41 and last traded at $19.87. Approximately 6,770,159 shares traded hands during mid-day trading, an increase of 9% from the average daily volume of 6,199,825 shares. The stock had previously closed at $21.52.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. B. Riley started coverage on Oklo in a report on Thursday, September 19th. They set a “buy” rating and a $10.00 price target on the stock. Citigroup cut their price objective on shares of Oklo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 24th. Wedbush initiated coverage on shares of Oklo in a research note on Thursday. They set an “outperform” rating and a $26.00 price target for the company. Finally, Seaport Res Ptn upgraded shares of Oklo to a “hold” rating in a report on Friday, September 6th.

Oklo Price Performance

The business has a 50 day simple moving average of $20.73 and a two-hundred day simple moving average of $12.52.

Institutional Investors Weigh In On Oklo

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HITE Hedge Asset Management LLC purchased a new position in shares of Oklo during the third quarter valued at $19,753,000. Portland Investment Counsel Inc. purchased a new position in Oklo during the 3rd quarter valued at about $6,493,000. Readystate Asset Management LP bought a new stake in shares of Oklo in the 3rd quarter valued at about $6,193,000. Geode Capital Management LLC purchased a new stake in shares of Oklo in the 3rd quarter worth approximately $5,971,000. Finally, State Street Corp bought a new position in shares of Oklo during the third quarter valued at approximately $2,889,000. Institutional investors own 85.03% of the company’s stock.

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.