OKLO heads into its June 3 earnings print with short sellers materially more aggressive than they were even days ago — and the borrow market tightening fast.
The most important development since the previous notes is the sharp acceleration in short interest. SI has jumped 21% in a single week to 23.1% of the free float, up from roughly 18.4% flagged in the May 27 article. That is a significant change in positioning, not a drift. The ORTEX short score is running at 70.3, near its highest level in recent months, and the utilization rank is in the first percentile of the universe — meaning almost no stock has availability this tight. At 9.8%, availability has roughly halved from the mid-May levels of 25–27%, and is moving toward the 52-week low of 4.3%. The lending pool is tightening fast with earnings two days away.
Price action adds context. OKLO closed at $66.88 Friday — slightly below the $69–71 range at which CEO Jacob DeWitte, COO Caroline Cochran, and CFO Richard Bealmear collectively sold approximately $14 million of stock on May 1. After the May 12 print, the stock fell 11% on the day and nearly 28% over the following five sessions. The subsequent recovery brought it back to founder-sale territory, and it has since pulled back again. The 90-day insider net flow remains a material net sell, with no offsetting buy activity of note. That pattern has not changed.
Options positioning is one of the few signals pointing the other way. The put/call ratio is at 0.69 — slightly below its 20-day average of 0.71 and near the lower end of its 52-week range. That points to call-side demand outpacing put-buying, which sits in contrast to the sharply bearish message from the lending market. The two signals are diverging: shorts are building aggressively, but options traders are not crowding into downside protection ahead of the print.
On the fundamental debate, bulls point to Oklo's Aurora nuclear platform as a genuine differentiator — contracted clean power at a moment when utilities are scrambling for reliable baseload. The analyst consensus target of $89 implies roughly 33% upside from current levels, with Cantor Fitzgerald holding a $122 target and Wedbush maintaining Outperform at $110. Bears focus on execution: fuel recycling capabilities remain unproven at scale, the regulatory path is long, and geopolitical tensions add risk to fuel supply. Citigroup nudged its target to $76 this month while staying Neutral; JPMorgan initiated at Neutral with an $83 target — both closer to current prices and well below the bull camp.
The June 3 print will test whether the company can narrow the gap between its contracted pipeline and the market's growing impatience with a pre-revenue story trading at a price-to-book of 6x — and whether the founding team's May sale prices mark a ceiling or a coincidence.
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