Ormat Technologies, Inc. (NYSE:ORA) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lessened its stake in shares of Ormat Technologies, Inc. (NYSE:ORA) by 43.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 15,000 shares of the energy company’s stock after selling 11,551 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Ormat Technologies were worth $1,027,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Chesapeake Capital Corp IL acquired a new stake in shares of Ormat Technologies during the third quarter valued at $522,000. Holocene Advisors LP lifted its holdings in Ormat Technologies by 28.7% in the 3rd quarter. Holocene Advisors LP now owns 48,121 shares of the energy company’s stock valued at $3,702,000 after purchasing an additional 10,718 shares in the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management boosted its stake in shares of Ormat Technologies by 57.3% during the 4th quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management now owns 223,937 shares of the energy company’s stock worth $15,165,000 after purchasing an additional 81,547 shares during the last quarter. Empower Advisory Group LLC grew its holdings in shares of Ormat Technologies by 4.5% during the third quarter. Empower Advisory Group LLC now owns 194,680 shares of the energy company’s stock worth $14,979,000 after buying an additional 8,403 shares in the last quarter. Finally, Wesbanco Bank Inc. acquired a new position in shares of Ormat Technologies in the third quarter valued at approximately $1,731,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

Insider Activity

In related news, major shareholder Corp Orix sold 3,700,000 shares of the company’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 sale, the insider now directly owns 2,976,077 shares of the company’s stock, valued at approximately $224,336,684.26. This represents a 55.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Granot sold 1,256 shares of the firm’s stock in a transaction dated 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 directly owns 3,576 shares in the company, valued at $293,232. This trade represents a 25.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Ormat Technologies Price Performance

ORA stock opened at $63.46 on Wednesday. The company has a market cap of $3.84 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 3.01 and a beta of 0.57. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a 50-day moving average price of $68.49 and a two-hundred day moving average price of $73.89. Ormat Technologies, Inc. has a 12-month low of $59.41 and a 12-month high of $84.30.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Oppenheimer raised their target price 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. Jefferies Financial Group began coverage on Ormat Technologies in a report on Friday, January 10th. They set a “hold” rating and a $73.00 price objective on the stock. Roth Mkm reaffirmed 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 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. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $82.25.

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.