Company stock worth millions offloaded by top leaders at Oklo, backed by Sam Altman

Murmurs of activity emerged surrounding Oklo Inc. as the Co-Founder and CEO, Jacob DeWitte, along with the company’s COO, Caroline Cochran, were reported to have offloaded a significant chunk of their stocks in a move that caught the attention of observers. A recently filed document with the Securities and Exchange Commission (SEC) shed light on DeWitte’s sale of shares valued at around $4.98 million. The sales occurred between March 27 and March 31, with prices ranging from $21.80 to $26.00 per share. Oklo Inc. presently boasts a market valuation of $3.11 billion.

The transactions displayed various sales of Class A Common Stock, with DeWitte engaging in sales activities from March 27 onwards. Notable transactions included the sale of 20,730 shares at an average price of $24.54 on March 27 and 14,635 shares at an average price of $26.00. A day later, 104,404 shares were sold at an average price of $22.64 and 35,231 shares at an average price of $23.58. The final day of the month saw DeWitte parting with another 41,000 shares at an average price of $21.80.

During the same period, Cochran was said to have sold 216,400 shares of Oklo’s Class A Common Stock. These transactions yielded prices ranging from $21.8036 to $26.004 per share, culminating in a total transaction value exceeding $5 million.

The aftermath of these stock sales resulted in DeWitte’s ownership in Oklo Inc. dwindling to 10,482,926 shares. The timing of these sales followed the nuclear energy company’s financial performance announcement for the year 2024, where they reported a loss of 74 cents per share, representing a noticeable uptick from the previous year’s loss of 47 cents per share.

Despite these figures, DeWitte was optimistic about the company’s future. He highlighted key initiatives such as the expansion of their powerhouse offering to 75 MW, collaborations with RPower on a gas-to-nuclear approach, and venturing into radioisotope production with the acquisition of Atomic Alchemy. These strategic moves were seen as avenues for generating new revenue streams and tapping into additional markets for Oklo.

The sales by DeWitte and Cochran coincided with a troubling period for Oklo’s stock, experiencing a decline exceeding 26% over the past month. Such transactions might be viewed as responses to the company’s financial performance and could potentially impact investor sentiment towards Oklo Inc.

Analyst Vikram Bagri from Citi adjusted the stock’s price target to $30.00 from $31 post-results announcement, conveying a “Modestly Negative” outlook. Bagri underscored Oklo’s launch of a new 75MW reactor design that aligns with the preferences of data center customers for capacities ranging between 60 and 75MW.

Benzinga’s Proprietary Edge Rankings position Oklo with a momentum rating of 90.20% and a growth rating of 67.66%. For an in-depth exploration of stocks and insights into potential growth prospects, a subscription to Benzinga Edge is advised.