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Ormat Technologies, Inc. (ORA): Are Hedge Funds Right About This Stock?

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Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track more than 700 prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile gigantic failures like hedge funds’ recent losses in Valeant. Let’s take a closer look at what the funds we track think about Ormat Technologies, Inc. (NYSE:ORA) in this article.

Is Ormat Technologies, Inc. (NYSE:ORA) a splendid stock to buy now? The smart money is in a pessimistic mood. The number of long hedge fund positions fell by 5 lately. The trading environment surrounding Ormat Technologies, Inc. (NYSE:ORA) took a similar turn, with its stock losing 9.69% value throughout the quarter. Such a response prompted us to find more about the hedge fund behavior by covering the ones that held stakes in Ormat Technologies, Inc. (NYSE:ORA) at the end of the third quarter.

To find out hedge funds’ opinion about companies with similar market caps, we will also compare Ormat Technologies, Inc. (NYSE:ORA) to other stocks, including Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA), Amicus Therapeutics, Inc. (NASDAQ:FOLD), and Abengoa Yield PLC (NASDAQ:ABY) to get a better sense of its popularity.

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Today, there are a multitude of methods investors employ to evaluate publicly traded companies. Some of the less known methods are hedge fund and insider trading sentiment. Our researchers have shown that, historically, those who follow the top picks of the elite money managers can beat the broader indices by a solid margin (see the details here).

With all of this in mind, we’re going to check out the fresh action regarding Ormat Technologies, Inc. (NYSE:ORA).

How have hedgies been trading Ormat Technologies, Inc. (NYSE:ORA)?

At the end of Q3, a total of 7 of the hedge funds tracked by Insider Monkey were bullish on this stock, a decrease of 42% from the second quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were increasing their stakes considerably (or already accumulated large positions).

According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Ian Simm’s Impax Asset Management has the largest position in Ormat Technologies, Inc. (NYSE:ORA), worth close to $11.8 million, comprising 0.8% of its total 13F portfolio. Coming in second is Renaissance Technologies, holding a $7.8 million position; the fund has less than 0.1% of its 13F portfolio invested in the stock. Remaining professional money managers that are bullish encompass Mario Gabelli’s GAMCO Investors, Bernard Lambilliotte’s Ecofin Ltd and D E Shaw.

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