Ormat Technologies (NYSE:ORA) Upgraded by StockNews.com to “Hold” Rating

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

Several other research analysts have also recently weighed in on ORA. Jefferies Financial Group boosted their price objective on shares of Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a report on Tuesday, March 25th. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 28th. Robert W. Baird started coverage on shares of Ormat Technologies in a research report on Thursday, March 13th. They set a “neutral” rating and a $81.00 target price for the company. Baird R W upgraded shares of Ormat Technologies to a “hold” rating in a research report on Thursday, March 13th. Finally, Piper Sandler initiated coverage on shares of Ormat Technologies in a research 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 stock. According to data from MarketBeat, Ormat Technologies presently has a consensus rating of “Hold” and an average price target of $83.56.

Ormat Technologies Stock Performance

NYSE:ORA traded down $0.10 during mid-day trading on Monday, reaching $68.24. The company’s stock had a trading volume of 909,480 shares, compared to its average volume of 493,876. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a market cap of $4.14 billion, a P/E ratio of 34.82, a PEG ratio of 3.18 and a beta of 0.52. The firm’s fifty day moving average price is $68.12 and its two-hundred day moving average price is $72.62. Ormat Technologies has a 12-month low of $59.41 and a 12-month high of $84.30.

Insider Buying and Selling

In other Ormat Technologies news, 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 value of $114,954.00. Following the sale, the director now directly owns 1,910 shares in the company, valued at approximately $131,790. The trade was a 46.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jessica Woelfel sold 409 shares of the stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $72.15, for a total transaction of $29,509.35. Following the transaction, the insider now directly owns 6,094 shares of the company’s stock, valued at $439,682.10. This trade represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,242 shares of company stock worth $156,427. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ormat Technologies

A number of hedge funds have recently made changes to their positions in ORA. Cerity Partners LLC increased its stake in Ormat Technologies by 62.5% in the 3rd quarter. Cerity Partners LLC now owns 5,496 shares of the energy company’s stock worth $423,000 after acquiring an additional 2,114 shares during the last quarter. Geode Capital Management LLC increased its position in Ormat Technologies by 1.8% in the third quarter. Geode Capital Management LLC now owns 1,301,291 shares of the energy company’s stock worth $100,140,000 after purchasing an additional 22,714 shares during the last quarter. Tidal Investments LLC lifted its position in Ormat Technologies by 36.8% during the third quarter. Tidal Investments LLC now owns 45,642 shares of the energy company’s stock valued at $3,512,000 after purchasing an additional 12,272 shares during the last quarter. 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 in the last quarter. Finally, Mendota Financial Group LLC bought a new position in shares of Ormat Technologies in the 4th quarter valued at about $98,000. 95.49% of the stock is currently 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.