Ormat Technologies' stock plummeted 5.01% during intraday trading on Friday, as the geothermal energy company faced significant selling pressure.

The sharp decline followed a series of analyst price target reductions from major financial institutions. Roth Capital lowered its price target on Ormat to $130 from $139, while maintaining a Buy rating on the shares. Similarly, TD Cowen reduced its target to $125 from $131, also keeping a Buy rating.

JP Morgan joined other analysts in cutting its price target, lowering it to $108 from $116. The collective analyst actions reflect changing sentiment toward utilities companies, with analysts showing eagerness to weigh in on the sector amid evolving market conditions.