Ormat Technologies, Inc. (NYSE:ORA) has reported that one of its executives, Stanley Stern, who serves on the company's board of directors, has sold a total of 1,825 shares of common stock. The transaction, which took place on March 28, 2024, was executed at a price of $66.95 per share, resulting in a total sale value of $122,183.
The sale was disclosed in a recent filing with the Securities and Exchange Commission. Following the transaction, Stern's ownership in the company stands at 4,835 shares of common stock. The filing indicated that the shares were sold in the open market.
Ormat Technologies, based out of Reno, Nevada, operates within the electric services industry and specializes in geothermal and recovered energy power. Investors often monitor the buying and selling activities of company insiders as it can provide insights into their perspective on the company's current valuation and future prospects.
The reported transaction comes amidst the regular financial disclosures required by company executives and directors. Shareholders and potential investors in Ormat Technologies can stay informed about such transactions through the company's filings and public disclosures.
For those interested in the company's stock performance and insider transactions, further details can be found in the company's SEC filings and through financial news outlets that cover such market activities.
InvestingPro Insights
As Ormat Technologies, Inc. (NYSE:ORA) navigates the dynamic energy market, recent data from InvestingPro provides a snapshot of the company's financial health and market performance. With a market capitalization of $3.93 billion and a P/E ratio that stands at 30.95, Ormat appears to be trading at a high earnings multiple. This valuation is further emphasized by an adjusted P/E ratio for the last twelve months as of Q4 2023, which is slightly higher at 31.19.
Despite the insider sale by board member Stanley Stern, Ormat Technologies has shown a robust revenue growth of 12.98% over the last twelve months. The company's gross profit margin during the same period was a solid 31.83%, underscoring its ability to maintain profitability in its operations. Furthermore, Ormat has a history of consistent dividend payments, having maintained them for 20 consecutive years, a testament to its financial stability and commitment to shareholder returns. The dividend yield as of the latest data stands at 0.73%.
InvestingPro Tips indicate that while some analysts have revised their earnings expectations downwards for the upcoming period, the company is still predicted to be profitable this year. Additionally, Ormat's liquid assets exceed its short-term obligations, suggesting a strong liquidity position. For investors looking to delve deeper into Ormat's financials and market potential, InvestingPro offers additional insights and tips. Interested readers can enhance their investment strategies by using the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where 6 more tips related to Ormat Technologies are available.
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