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Shares of nuclear technology firm Oklo fell 9.6% to $27.94 after Citigroup reduced its price target from $31 to $30, citing higher cash requirements and the need for outside capital before the first reactor commissioning. Despite this, 5 of 7 brokerages maintain a "buy" rating, with a median price target of $44.50. Year-to-date, shares are up 31.7%.
Liberty Energy"s stock surged 5% in premarket trading following President-elect Donald Trump"s appointment of CEO Chris Wright as energy secretary. Wright, who also sits on the board of nuclear startup Oklo, has dismissed climate change as a global crisis and will join the president-elect’s Council on National Energy. Despite Trump"s push for increased fossil fuel production, analysts suggest U.S. oil and natural gas output will remain unchanged post-election.
President-elect Donald Trump has appointed Chris Wright, CEO of Liberty Energy, as the next U.S. Energy Secretary. Wright, who also serves on the board of nuclear startup Oklo, has expressed skepticism about climate change and the need for a transition from fossil fuels. Trump praised Wright as a pioneer of the American Shale Revolution and emphasized his diverse experience in various energy sectors.
Oklo Inc., backed by Sam Altman, has secured agreements to supply up to 750 megawatts of nuclear power to two data center companies, as the tech sector seeks reliable energy sources. This deal expands Oklo's total pipeline to approximately 2,100 megawatts. The company, based in Santa Clara, California, has not disclosed the identities of the clients or a timeline for power delivery.
A significant surge in Oklo Inc.'s stock, a developer of advanced nuclear systems backed by Sam Altman, has resulted in substantial gains for its founders and early investors since going public. Peter Thiel's venture capital firm is poised to begin selling its 13.5 million shares as lockup restrictions expire, allowing early backers to cash in on their investments.
Oklo Inc.
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oklo shares drop as citigroup lowers price target amid increased costs
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