Ormat Technologies (NYSE:ORA) Shares Gap Up – Here’s What Happened

Ormat Technologies, Inc. (NYSE:ORA) shares gapped up before the market opened on Tuesday . The stock had previously closed at $118.19, but opened at $127.69. Ormat Technologies shares last traded at $123.7670, with a volume of 247,835 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have commented on ORA shares. UBS Group restated a “buy” rating and issued a $148.00 price objective on shares of Ormat Technologies in a research note on Wednesday, February 4th. Jefferies Financial Group lowered shares of Ormat Technologies from a “buy” rating to a “hold” rating and upped their target price for the stock from $125.00 to $130.00 in a research report on Friday. TD Cowen upgraded Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Friday, January 9th. Barclays decreased their price target on Ormat Technologies from $118.00 to $108.00 and set an “overweight” rating for the company in a research note on Thursday, January 15th. Finally, Robert W. Baird set a $143.00 target price on Ormat Technologies in a report on Wednesday, January 14th. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $130.00.

Ormat Technologies Trading Up 5.2%

The company has a quick ratio of 0.70, a current ratio of 0.77 and a debt-to-equity ratio of 0.79. The company has a market cap of $7.56 billion, a P/E ratio of 57.05, a P/E/G ratio of 4.74 and a beta of 0.77. The business has a 50-day moving average price of $117.84 and a two-hundred day moving average price of $106.58.

Institutional Trading of Ormat Technologies

A number of institutional investors have recently made changes to their positions in ORA. Sequoia Financial Advisors LLC bought a new position in shares of Ormat Technologies in the 2nd quarter worth about $358,000. RWC Asset Management LLP boosted its stake in Ormat Technologies by 8.8% during the third quarter. RWC Asset Management LLP now owns 136,101 shares of the energy company’s stock worth $13,100,000 after acquiring an additional 11,063 shares in the last quarter. Retirement Systems of Alabama grew its holdings in Ormat Technologies by 169.7% in the third quarter. Retirement Systems of Alabama now owns 189,988 shares of the energy company’s stock worth $18,286,000 after purchasing an additional 119,552 shares during the period. Assenagon Asset Management S.A. bought a new stake in Ormat Technologies in the third quarter valued at $3,738,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new position in shares of Ormat Technologies during the third quarter valued at about $14,005,000. Institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.