Ormat Technologies (NYSE:ORA) Coverage Initiated at Robert W. Baird

Robert W. Baird assumed coverage on shares of Ormat Technologies (NYSE:ORA) in a report released on Thursday, Marketbeat Ratings reports. The firm set a “neutral” rating and a $81.00 price target on the energy company’s stock. Robert W. Baird’s target price points to a potential upside of 12.63% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 28th. Piper Sandler started coverage on Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price on the stock. Finally, Jefferies Financial Group upgraded Ormat Technologies from a “hold” rating to a “buy” rating and increased their target price for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ormat Technologies has a consensus rating of “Hold” and a consensus price target of $82.67.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $71.92 on Thursday. The stock has a market capitalization of $4.35 billion, a price-to-earnings ratio of 36.69, a PEG ratio of 3.18 and a beta of 0.51. Ormat Technologies has a 12 month low of $59.41 and a 12 month high of $84.30. The firm’s 50 day simple moving average is $66.79 and its 200-day simple moving average is $73.02. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, Director David Granot sold 1,666 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $69.00, for a total value of $114,954.00. Following the completion of the sale, the director now directly owns 1,910 shares of the company’s stock, valued at $131,790. This trade represents a 46.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is currently owned by insiders.

Institutional Trading of Ormat Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank acquired a new position in Ormat Technologies in the 4th quarter valued at about $62,851,000. Vanguard Group Inc. boosted its stake in shares of Ormat Technologies by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company’s stock valued at $409,305,000 after buying an additional 274,540 shares during the period. Erste Asset Management GmbH purchased a new stake in Ormat Technologies during the third quarter worth approximately $19,096,000. Impax Asset Management Group plc lifted its stake in Ormat Technologies by 7.3% during the fourth quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company’s stock worth $162,586,000 after purchasing an additional 163,505 shares during the last quarter. Finally, Soros Fund Management LLC purchased a new stake in Ormat Technologies during the fourth quarter worth approximately $10,158,000. 95.49% of the stock is owned by institutional investors and hedge funds.

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.