We recently published 10 Firms Crashing Harder Than Wall Street. Oklo Inc. is one of the worst performers on Tuesday.
Oklo fell by 12.33 percent on Tuesday to finish at $139.44 apiece as investors mirrored an institutional investors’ unloading of an $8.49 million stake in the company.
In a regulatory filing on Monday, Cathie Wood’s ARK Autonomous Tech ETF announced that it sold 53,353 shares in Oklo Inc., having soared to a record high last week.
Additionally, analysts said the drop can be attributed to profit-taking, with Oklo Inc. already at a whopping 538.17 percent gain year-to-date.
In other news, Oklo Inc. last week clinched a strategic partnership with Newcleo and Blykalla for the development of advanced fuel fabrication and manufacturing infrastructure in the United States.
According to the Sam Altman-backed company, Newcleo would invest up to $2 billion in the project, while Blykalla would co-invest and procure fuel related services for the same projects.
Pixabay / Public Domain
“By channeling large-scale transatlantic investments into the American advanced nuclear industry, the partnership exemplifies Newcleo’s and Blykalla’s interest in the US market and supports the domestic expansion of Oklo’s fuel and fast-reactor technologies. Partnerships like this show how allied collaboration can strengthen energy innovation, leadership, and dominance in the United States,” Oklo Inc. said.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
This article is originally published at Insider Monkey.
