Oklo (NYSE:OKLO) Shares Down 7.7% After Insider Selling

Oklo Inc. (NYSE:OKLO)’s share price dropped 7.7% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $19.41 and last traded at $19.87. Approximately 6,770,159 shares were traded 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.

Specifically, CEO Jacob Dewitte sold 230,569 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $21.61, for a total transaction of $4,982,596.09. Following the transaction, the chief executive officer now directly owns 12,543,085 shares of the company’s stock, valued at approximately $271,056,066.85. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

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

Oklo Stock Up 7.2 %

The company’s fifty day simple moving average is $21.21 and its 200 day simple moving average is $12.73.

Hedge Funds Weigh In On Oklo

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