Ormat Technologies (NYSE:ORA) Raised to Hold at StockNews.com

Ormat Technologies (NYSE:ORA) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report issued on Monday.

Several other equities research analysts have also issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 28th. Robert W. Baird started coverage on Ormat Technologies in a research report on Thursday, March 13th. They set a “neutral” rating and a $81.00 price target for the company. Baird R W upgraded shares of Ormat Technologies to a “hold” rating in a research report on Thursday, March 13th. Jefferies Financial Group lifted their target price on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, March 25th. Finally, Piper Sandler began coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Ormat Technologies has a consensus rating of “Hold” and a consensus price target of $83.56.

Ormat Technologies Price Performance

Ormat Technologies stock traded down $0.10 during midday trading on Monday, reaching $68.24. 909,480 shares of the stock were exchanged, compared to its average volume of 493,876. Ormat Technologies has a 52 week low of $59.41 and a 52 week high of $84.30. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The firm has a market cap of $4.14 billion, a PE ratio of 34.82, a PEG ratio of 3.18 and a beta of 0.52. The company’s fifty day moving average is $68.12 and its 200-day moving average is $72.62.

Insider Transactions at Ormat Technologies

In related news, insider Jessica Woelfel sold 409 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total transaction of $29,509.35. Following the completion of the transaction, the insider now owns 6,094 shares in the company, valued at $439,682.10. This represents a 6.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Granot sold 1,666 shares of Ormat Technologies stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the completion of the sale, the director now owns 1,910 shares in the company, valued at approximately $131,790. This trade represents a 46.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,242 shares of company stock worth $156,427. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc grew its stake in shares of Ormat Technologies by 132.4% in the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after buying an additional 229 shares during the last quarter. Stuart Chaussee & Associates Inc. bought a new position in shares of Ormat Technologies during the fourth quarter valued at $34,000. AlphaQuest LLC raised its position in shares of Ormat Technologies by 4,691.7% in the 4th quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock worth $39,000 after purchasing an additional 563 shares during the last quarter. Headlands Technologies LLC bought a new position in Ormat Technologies in the 4th quarter worth about $66,000. Finally, Mendota Financial Group LLC purchased a new stake in Ormat Technologies during the 4th quarter valued at about $98,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.