Ormat Technologies, Inc. (NYSE:ORA) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Ormat Technologies, Inc. (NYSE:ORA) has earned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $82.88.

A number of brokerages have commented on ORA. Roth Mkm reissued a “buy” rating and set a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Oppenheimer increased their price target on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Jefferies Financial Group raised Ormat Technologies from a “hold” rating to a “buy” rating and increased their price target for the company from $73.00 to $78.00 in a report on Thursday. Finally, Piper Sandler assumed coverage on Ormat Technologies in a research report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price objective for the company.

Insider Buying and Selling

In other news, Director David Granot sold 1,256 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the transaction, the director now directly owns 3,576 shares in the company, valued at $293,232. This trade represents a 25.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction on Friday, December 13th. The shares were sold at an average price of $75.38, for a total value of $278,906,000.00. Following the completion of the transaction, the insider now owns 2,976,077 shares of the company’s stock, valued at approximately $224,336,684.26. This trade represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC purchased a new position in Ormat Technologies in the fourth quarter valued at $3,042,000. Twinbeech Capital LP purchased a new position in Ormat Technologies in the fourth quarter valued at $453,000. Stuart Chaussee & Associates Inc. acquired a new stake in Ormat Technologies in the fourth quarter valued at $34,000. Sherbrooke Park Advisers LLC acquired a new stake in Ormat Technologies in the fourth quarter valued at $286,000. Finally, Raiffeisen Bank International AG acquired a new stake in Ormat Technologies in the fourth quarter valued at $4,376,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $69.43 on Friday. The company has a market capitalization of $4.20 billion, a P/E ratio of 35.42, a P/E/G ratio of 3.07 and a beta of 0.57. The business’s 50 day moving average is $66.60 and its two-hundred day moving average is $73.36. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Ormat Technologies has a 12-month low of $59.41 and a 12-month high of $84.30.

About Ormat Technologies

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.