Roaring out of the gate to start the week, shares of small modular reactor (SMR) developer Oklo (OKLO -4.37%) are jumping higher this morning as investors digest two auspicious news items. In addition to the company announcing a new partnership, an analyst's new bullish take on the stock is contributing to investors' enthusiasm today.

As of 11:04 a.m. ET, shares of Oklo are up 7.4%.

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Investors are charged up about this nuclear energy stock

Forging a new collaboration that expands its presence in Europe, Oklo announced a strategic partnership today with Blykalla AB, a Swedish developer of SMRs. In addition to collaborating on SMR technology, the partnership will address supply chain coordination and insights into regulatory processes. The agreement will also see Oklo provide about $5 million to Blykalla's next investment round.

Investors are also bidding Oklo stock higher today in response to news that Barclays has initiated coverage of Oklo stock, assigning an overweight rating and $146 price target.

According to The Fly, Barclays recognizes Oklo as a "levered way" to gain exposure to the SMR industry, since the company develops, owns, and operates its SMRs, or Aurora powerhouses, which can contribute to strong cash flows. Barclays also predicates its outlook on Oklo stock on the company's 14-gigawatt backlog of nonbinding agreements.

Based on shares of Oklo closing at $110.53, the $146 price target from Barclays implies upside of over 32%.

Is Oklo stock a valid choice for powering your portfolio now?

The Barclays price target on Oklo stock is worth noting, but analysts often have shorter investing horizons than the long-term holding periods The Motley Fool favors. While the stock may rise higher, there are still ample risks, since it still doesn't have a design approved by the U.S. Nuclear Regulatory Commission, so investors should proceed with caution.

Fortunately, there are plenty of other nuclear energy stocks for investors to consider that represent lower degrees of risk.