Oklo (NYSE:OKLO) Trading Down 1.7% – Here’s Why

Oklo Inc. (NYSE:OKLO)’s stock price dropped 1.7% on Wednesday . The company traded as low as $18.53 and last traded at $18.78. Approximately 28,942,792 shares traded hands during mid-day trading, an increase of 388% from the average daily volume of 5,929,507 shares. The stock had previously closed at $19.10.

Analysts Set New Price Targets

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

Oklo Trading Up 14.0 %

The business’s 50-day simple moving average is $20.48 and its 200-day simple moving average is $12.39.

Hedge Funds Weigh In On Oklo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OKLO. HITE Hedge Asset Management LLC bought a new stake in shares of Oklo in the 3rd quarter valued at about $19,753,000. Portland Investment Counsel Inc. bought a new position in Oklo during the 3rd quarter worth approximately $6,493,000. Readystate Asset Management LP acquired a new position in Oklo during the third quarter valued at approximately $6,193,000. Geode Capital Management LLC bought a new stake in Oklo in the third quarter valued at approximately $5,971,000. Finally, State Street Corp acquired a new stake in Oklo in the third quarter worth $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.