Why These Energy Stocks are Gaining This Week

2. Oklo Inc. (NYSE:OKLO)

Share Price Gains Between Oct. 3 and Oct. 10: 15.55%

Backed by OpenAI’s Sam Altman, Oklo Inc. (NYSE:OKLO) develops advanced fission power plants to provide clean, reliable, and affordable energy at scale to customers in the United States.

Oklo Inc. (NYSE:OKLO) soared after an analyst from Canaccord initiated coverage of the stock with a ‘Buy’ rating and a price target of $175. This means that the analyst expects OKLO to jump by 19% from its current price levels, despite the stock having already gained more than 550% over the last six months. As a result, the stock is currently trading at its all-time high.

The analyst expects Oklo Inc. (NYSE:OKLO) to profit from the ongoing nuclear energy renaissance, as the company’s technological capabilities in small modular reactors (SMR) technology could help it play an outsized role in the future.

It should be mentioned here that Oklo Inc. (NYSE:OKLO) isn’t expected to generate any revenue for at least a couple of years, nor is it expected to earn its first profit before 2030. However, the Canaccord analyst is looking much farther out, with his model ‘stretching to 2050’.