GE Vernova (NYSE:GEV) Shares Down 5.9% – Here’s What Happened

Shares of GE Vernova Inc. (NYSE:GEV) traded down 5.9% on Tuesday . The stock traded as low as $327.51 and last traded at $328.75. 1,193,507 shares traded hands during trading, a decline of 66% from the average session volume of 3,507,185 shares. The stock had previously closed at $349.44.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GEV. Oppenheimer began coverage on GE Vernova in a research report on Thursday, September 26th. They issued a “market perform” rating for the company. Jefferies Financial Group lifted their price target on GE Vernova from $293.00 to $336.00 and gave the company a “buy” rating in a report on Friday, October 18th. Evercore ISI raised their price target on shares of GE Vernova from $300.00 to $323.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Hsbc Global Res lowered shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 4th. Finally, Bank of America lifted their target price on shares of GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Seven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $261.40.

GE Vernova Stock Performance

The business has a 50-day moving average price of $263.02 and a two-hundred day moving average price of $204.33.

Institutional Trading of GE Vernova

A number of institutional investors and hedge funds have recently modified their holdings of GEV. Deseret Mutual Benefit Administrators acquired a new stake in GE Vernova in the 2nd quarter valued at about $25,000. Trifecta Capital Advisors LLC bought a new stake in shares of GE Vernova during the 2nd quarter worth about $25,000. Meeder Asset Management Inc. bought a new position in GE Vernova in the 2nd quarter valued at about $25,000. Global Trust Asset Management LLC acquired a new stake in GE Vernova during the second quarter worth approximately $26,000. Finally, Timber Creek Capital Management LLC bought a new stake in shares of GE Vernova during the second quarter worth approximately $27,000.

About GE Vernova

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.