Michal Marom, a director at Ormat Technologies, Inc. (NYSE:ORA), has sold 686 shares of common stock in the open market at a price of $73.46 per share, resulting in a total transaction value of $50,393. The transaction took place on May 30, 2024, and was disclosed in a recent SEC filing.
The sale was conducted to satisfy Marom's tax withholding obligations related to the vesting of restricted stock units (RSUs) on May 9, 2024. Following the sale, Marom continues to hold 2,222 shares of Ormat Technologies' common stock.
Ormat Technologies, based in Reno, Nevada, specializes in electric services and operates within the energy sector. The company is known for its geothermal and recovered energy generation.
Investors often monitor insider transactions as they can provide insights into the executive's view of the company's stock value. Sales to cover tax obligations are common and usually don't signal a lack of confidence in the company.
The transaction was signed off by Jessica Woelfel, acting as attorney-in-fact, on May 31, 2024. Ormat Technologies has not made any official statement regarding the transaction.
InvestingPro Insights
Following the news of insider stock sales by director Michal Marom at Ormat Technologies, Inc. (NYSE:ORA), investors may be interested in the company's recent performance and market standing. Ormat Technologies, with its focus on renewable energy solutions, has a market capitalization of $4.56 billion, reflecting its significant presence in the industry.
Analyzing the company's financial health, Ormat Technologies boasts a robust revenue growth of 18.03% over the last twelve months as of Q1 2024, underscoring its capacity to expand in a competitive sector. The company's gross profit margin stands at an impressive 30.72%, indicating efficient operations and a strong command over its cost structure.
When it comes to stock performance, Ormat Technologies has experienced a strong return over the last month, with a 1 Month Price Total Return of 18.11%. This positive short-term performance may interest investors looking for momentum in stock price movements.
For those seeking guidance on the stock's future trajectory, InvestingPro Tips highlight that analysts have revised their earnings upwards for the upcoming period, which could suggest potential optimism regarding the company's performance. Additionally, Ormat Technologies has maintained dividend payments for 20 consecutive years, a testament to its financial stability and commitment to shareholder returns.
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