Ormat Technologies, Inc. (NYSE:ORA) Receives $82.25 Consensus Price Target from Brokerages

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given an average rating of “Moderate Buy” by the eight analysts that are currently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $82.88.

ORA has been the subject of several research analyst reports. Jefferies Financial Group upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $73.00 to $78.00 in a research report on Thursday. Oppenheimer boosted their price objective on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Roth Mkm restated a “buy” rating and issued a $92.00 price objective (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Finally, Piper Sandler initiated coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price objective for the company.

Ormat Technologies Stock Performance

ORA stock opened at $68.74 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The company has a 50 day moving average price of $66.53 and a 200 day moving average price of $73.33. Ormat Technologies has a fifty-two week low of $59.41 and a fifty-two week high of $84.30. The stock has a market capitalization of $4.16 billion, a PE ratio of 35.07, a price-to-earnings-growth ratio of 3.18 and a beta of 0.57.

Insider Buying and Selling at Ormat Technologies

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

Hedge Funds Weigh In On Ormat Technologies

Several institutional investors and hedge funds have recently made changes to their positions in ORA. Inspire Investing LLC grew its holdings in shares of Ormat Technologies by 8.5% in the 3rd quarter. Inspire Investing LLC now owns 5,328 shares of the energy company’s stock valued at $410,000 after buying an additional 419 shares during the period. Blue Trust Inc. grew its holdings in shares of Ormat Technologies by 180.3% in the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after buying an additional 229 shares during the period. Everett Harris & Co. CA boosted its stake in Ormat Technologies by 25.0% in the 3rd quarter. Everett Harris & Co. CA now owns 5,000 shares of the energy company’s stock worth $385,000 after purchasing an additional 1,000 shares during the period. DMC Group LLC acquired a new position in Ormat Technologies in the 3rd quarter worth $204,000. Finally, Assenagon Asset Management S.A. acquired a new position in Ormat Technologies in the 3rd quarter worth $1,113,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

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.