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Potential Price Increase for Ormat Technologies Inc (ORA) After Recent Insider Activity

Ormat Technologies Inc’s filing revealed that its Director STERN STANLEY unloaded Company’s shares for reported $0.12 million on Mar 28 ’24. In the deal valued at $66.95 per share,1,825 shares were sold. As a result of this transaction, STERN STANLEY now holds 4,835 shares worth roughly $0.35 million.

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Then, SHARIR DAFNA sold 312 shares, generating $20,183 in total proceeds. Upon selling the shares at $64.69, the Director now owns 2,800 shares.

Before that, Granot David sold 312 shares. Ormat Technologies Inc shares valued at $20,183 were divested by the Director at a price of $64.69 per share. As a result of the transaction, Granot David now holds 4,071 shares, worth roughly $0.3 million.

TD Cowen reiterated its Ormat Technologies Inc [ORA] rating to a Hold in a research note published on May 10, 2024; the price target was $76. A number of analysts have revised their coverage, including TD Cowen’s analysts, who remained covering the stock and in late February has reiterated a ‘”a Market perform”‘ rating for it. ROTH MKM also remained covering ORA and has increased its forecast on August 07, 2023 with a “Buy” recommendation from previously “Neutral” rating. Barclays started covering the stock on May 22, 2023. It rated ORA as “an Equal weight”.

Price Performance Review of ORA

On Tuesday, Ormat Technologies Inc [NYSE:ORA] saw its stock jump 3.61% to $73.20. Over the last five days, the stock has gained 7.58%. Ormat Technologies Inc shares have fallen nearly -3.42% since the year began. Nevertheless, the stocks have fallen -12.73% over the past one year. While a 52-week high of $88.26 was reached on 01/02/24, a 52-week low of $58.73 was recorded on 04/16/24. SMA at 50 days reached $65.48, while 200 days put it at $68.80. A total of 0.71 million shares were traded, compared to the trading of 0.32 million shares in the previous session.

Levels Of Support And Resistance For ORA Stock

The 24-hour chart illustrates a support level at 72.02, which if violated will result in even more drops to 70.84. On the upside, there is a resistance level at 74.01. A further resistance level may holdings at 74.82. The Relative Strength Index (RSI) on the 14-day chart is 74.64, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 4.07, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 3.95%. Stochastics %K at 92.21% indicates the stock is a selling.

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