Oklo's Stock Plunges 18% After CEO, CFO Sell $12M in Shares
Oklo, a nuclear energy startup, has seen its market capitalisation soar past $16 billion despite having no proven technology or revenue. This week, the company's CEO and CFO sold shares worth over $12 million, while its stock price dropped by 18.3%.
Oklo's valuation has sparked concern among investors, with Goldman Sachs advising caution. The investment bank initiated coverage of Oklo with a neutral rating and set a price target of $117 per share. This week, the CEO sold shares worth $3 million and the CFO sold shares worth $9.4 million. Meanwhile, Oklo's stock fell by 18.3%, outpacing the S&P 500 and Nasdaq-100 Composite's losses of 0.3% and 0.5% respectively.
Oklo's stock price has taken a significant dip this week, following insider sales by the CEO and CFO. Despite Goldman Sachs' neutral rating, the company's valuation remains high, raising questions about its future prospects.
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