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Shares of Oklo Inc (NASDAQ:OKLO) are falling Tuesday after BofA Securities downgraded its rating of the nuclear energy infrastructure company. The stock traded up slightly after the firm shared positive regulatory updates, but did not fully recover from the initial drop.
What To Know: BofA Securities revised its price target up to $117 from $92, but downgraded its rating from Buy to Neutral, citing valuation concerns, per an Investing.com report. Oklo’s stock traded as low as $111.27 on Tuesday, according to Benzinga Pro.
Citing fuel supply concerns and questions over cost targets, BofA said it remains optimistic about nuclear in the long-run, but the firm believes that near-term risk versus reward skews negative.
BofA noted that the valuation for the small nuclear reactor developers may have run “ahead of reality.” Oklo’s market capitalization was $17.2 billion as of Monday’s close, according to Benzinga Pro. Oklo shares have risen approximately 430% year-to-date.
Oklo said Tuesday that the U.S. Nuclear Regulatory Commission accepted its Principal Design Criteria topical report for review “under an accelerated timeline.” The report establishes a regulatory framework that will guide future nuclear reactor licensing and design activities. The commission accepted the report in 15 days, compared to the typical 30 to 60 days.
“Recent legislation and executive orders have called for the delivery of more nuclear power for clean, reliable energy on accelerated timelines, and this is how it's done. Modernized, non-duplicative processes are key enablers for how advanced nuclear can scale rapidly and safely,” said Oklo CEO Jacob DeWitte.
OKLO Price Action: Oklo shares were down 3.42%, trading at $112.52 at the time of publication, according to Benzinga Pro. Oklo has a 52-week range of $7.90 to $144.49. Analysts have a consensus Hold rating on shares.
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Posted In: OKLO
