Ormat Technologies (NYSE:ORA) Shares Gap Up – Should You Buy?

Ormat Technologies, Inc. (NYSE:ORA) gapped up prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ORA. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a report on Thursday, January 22nd. Robert W. Baird set a $143.00 price target on Ormat Technologies in a research note on Wednesday, January 14th. Barclays reduced their price objective 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. 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 report on Friday. Finally, Roth Mkm set a $139.00 price target on shares of Ormat Technologies in a research note on Wednesday, January 28th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Ormat Technologies has an average rating of “Moderate Buy” and an average price target of $130.00.

Ormat Technologies Stock Performance

The stock’s 50-day simple moving average is $117.84 and its 200 day simple moving average is $106.58. The company has a market capitalization of $7.56 billion, a PE ratio of 57.05, a P/E/G ratio of 4.74 and a beta of 0.77. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77.

Institutional Trading of Ormat Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Curio Wealth LLC boosted its holdings in shares of Ormat Technologies by 29,200.0% in the 2nd quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock valued at $25,000 after buying an additional 292 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Ormat Technologies during the fourth quarter worth about $26,000. Los Angeles Capital Management LLC purchased a new position in shares of Ormat Technologies during the fourth quarter worth about $32,000. Wolff Wiese Magana LLC acquired a new stake in shares of Ormat Technologies during the fourth quarter worth about $33,000. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Ormat Technologies by 245.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after purchasing an additional 211 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Company Profile

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.