Oklo (NYSE:OKLO) Trading Down 1.6% – Here’s Why

Oklo Inc. (NYSE:OKLO) fell 1.6% on Wednesday . The company traded as low as $17.90 and last traded at $18.13. 3,624,505 shares changed hands during trading, a decline of 38% from the average session volume of 5,806,145 shares. The stock had previously closed at $18.42.

Analyst Upgrades and Downgrades

OKLO has been the topic of several analyst reports. Seaport Res Ptn upgraded Oklo to a “hold” rating in a report on Friday, September 6th. Citigroup cut their price target on shares of Oklo from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. Finally, B. Riley assumed coverage on shares of Oklo in a research note on Thursday, September 19th. They set a “buy” rating and a $10.00 price objective on the stock.

Oklo Price Performance

The company’s fifty day moving average price is $19.60 and its 200 day moving average price is $12.09.

Institutional Investors Weigh In On Oklo

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

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.