Insider Selling: Ormat Technologies, Inc. (NYSE:ORA) Director Sells 1,666 Shares of Stock

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) Director David Granot sold 1,666 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $69.00, for a total transaction of $114,954.00. Following the transaction, the director now directly owns 1,910 shares of the company's stock, valued at $131,790. The trade was a 46.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Ormat Technologies Stock Up 1.8 %

Shares of ORA traded up $1.26 during midday trading on Friday, reaching $70.64. The stock had a trading volume of 606,190 shares, compared to its average volume of 466,015. Ormat Technologies, Inc. has a 1-year low of $59.41 and a 1-year high of $84.30. The company's fifty day simple moving average is $66.51 and its two-hundred day simple moving average is $73.06. The company has a market cap of $4.27 billion, a price-to-earnings ratio of 36.04, a PEG ratio of 3.18 and a beta of 0.57. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 annualized dividend and a yield of 0.68%. Ormat Technologies's dividend payout ratio is currently 23.53%.

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Institutional Investors Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of ORA. Versant Capital Management Inc raised its stake in Ormat Technologies by 132.4% during the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company's stock worth $27,000 after acquiring an additional 229 shares in the last quarter. Stuart Chaussee & Associates Inc. acquired a new stake in Ormat Technologies during the 4th quarter worth $34,000. AlphaQuest LLC raised its stake in Ormat Technologies by 4,691.7% during the 4th quarter. AlphaQuest LLC now owns 575 shares of the energy company's stock worth $39,000 after acquiring an additional 563 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Ormat Technologies during the 4th quarter worth $66,000. Finally, Mendota Financial Group LLC acquired a new stake in Ormat Technologies during the 4th quarter worth $98,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ORA has been the subject of several recent research reports. Roth Mkm reissued a "buy" rating and issued a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Jefferies Financial Group raised shares of Ormat Technologies from a "hold" rating to a "buy" rating and raised their price target for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. JPMorgan Chase & Co. raised 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. Oppenheimer raised their price target on shares of Ormat Technologies from $86.00 to $91.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Finally, Piper Sandler began coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They issued a "neutral" rating and a $78.00 price target for the company. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Ormat Technologies presently has an average rating of "Moderate Buy" and an average price target of $82.88.

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.