What's Going On With Oklo Stock?
Shares of Oklo Inc. (NASDAQ:OKLO) are trading higher on Wednesday after the company reported third-quarter earnings.
- OKLO is surging today. See what is happening here.
What To Know: Oklo reported a third-quarter loss of 20 cents per share, missing estimates for a loss of 12 cents per share. The nuclear startup just went public this summer. It expects to begin reporting revenue as early as next year upon completion of on-going projects.
Shares were up about 5%, trading around $109 at last check, according to Benzinga Pro. The stock’s 52-week range is $17.14 to $193.84, reflecting a remarkable year-to-date performance of 401.1%.
The company announced Tuesday that it signed a memorandum of understanding with the management and operating contractor for Idaho National Laboratory (INL) to expand collaboration on scientific and technological research and development. The partnership plans to utilize Oklo's first commercial power plant, Aurora-INL.
"This collaboration strengthens U.S. leadership in advanced nuclear and demonstrates how Oklo's model of deploying fast reactors can also accelerate learning," said Jacob DeWitte, Oklo’s CEO. "We're building our first plant as a fully capable commercial product; we're also building it to learn faster, optimize faster, and keep driving down costs for future deployments."
Several analysts made adjustments to their price targets Wednesday morning. Bank of America analyst Dimple Gosai maintained a neutral rating and lowered the price target from $117 to $111. Wedbush analyst Dan Ives reiterated an outperform rating and maintained a $150 price target, and B. Riley Securities analyst Ryan Pfingst maintained a buy rating and raised the price target from $58 to $129.
OKLO Analysis: Oklo is currently trading approximately 9.6% below its 50-day moving average of $121.13, which may indicate a potential area of resistance as the stock attempts to regain upward momentum. The 200-day moving average stands at $65.18, suggesting a substantial bullish trend over a longer timeframe, with the stock trading about 68% above this level. The relative strength index (RSI) is at 39.55, signaling a neutral position, which could imply that the stock is neither overbought nor oversold at this juncture.
In terms of support, the calculated level is at $97.06, which may serve as a critical floor should the stock experience any pullbacks. With no defined resistance level from recent price action, the psychological barrier of $110 and the 52-week high of $193.84 may act as key targets for bullish traders looking for upward movement.
OKLO Price Action: Oklo shares were up 5.06% at $109.49 at the time of publication on Wednesday, according to Benzinga Pro.
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