Shares of Oklo Inc. (OKLO) are taking a step back on Monday. It's one of those classic "what goes up must come down a bit" moments in the market. The stock had been on a tear, jumping 43.39% over the last two weeks from $46.59 on April 7. So, a little profit-taking? That's pretty much the story here.
It's a down day broadly, with Nasdaq futures off 0.29% and S&P 500 futures down 0.34%, but Oklo's move feels more specific to its own recent run.
Why the Stock Was Flying
The rocket fuel for Oklo's recent surge came straight from the final frontier. Last Thursday, CEO Jacob DeWitte was on CNBC's The Exchange talking about nuclear power in space. His quote pretty much sums it up: "We work with nuclear power to enable everything that we do that's cool in space."
That's the kind of vision that gets traders excited—nuclear reactors powering moon bases, Mars missions, you name it. DeWitte even said a 2028 timeline for nuclear power in space is "doable" if supply chains cooperate. It's not just space, though; the company also aims to power massive hyperscale data centers by the early 2030s.
The Ground-Based Business
While the space talk is flashy, Oklo has concrete projects back on Earth. The company, which is backed by Sam Altman, is focused on its Aurora reactor design. It's currently collaborating with Meta Platforms Inc. (META) on a 1.2-gigawatt nuclear campus in Ohio. So, there's a real-world, utility-scale energy business being built alongside the space ambitions.
Checking the Charts
Even with Monday's dip, the technical picture for Oklo remains incredibly strong. We're talking about a stock that's up 254.64% over the past year. It's trading a staggering 159.8% above its 20-day simple moving average and 170.2% above its 100-day average. That's a huge gap, which often invites a pullback as things cool off.
The relative strength index (RSI), a momentum gauge, is at 94.71. For context, anything above 70 is typically considered overbought, so this reading is sky-high. It suggests the recent buying frenzy was extreme.
From a chart perspective, analysts are watching key resistance at $10 and key support at $5.50. Remember, the stock hit a 52-week low of $1.43, so it's come a very long way.
Oklo Price Action: Oklo shares were down 2.22% at $65.33 at the time of publication on Monday, according to market data.