GE Vernova (NYSE:GEV) Stock Price Down 1.7% – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares traded down 1.7% during trading on Wednesday . The company traded as low as $963.76 and last traded at $987.0510. 2,029,939 shares traded hands during trading, a decline of 26% from the average daily volume of 2,756,310 shares. The stock had previously closed at $1,004.53.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Royal Bank Of Canada raised their price target on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Oppenheimer increased their price target on GE Vernova from $1,303.00 to $1,338.00 and gave the company an “outperform” rating in a research report on Thursday, July 23rd. Guggenheim boosted their price target on shares of GE Vernova from $1,300.00 to $1,450.00 and gave the stock a “buy” rating in a report on Thursday, July 23rd. Sanford C. Bernstein raised their target price on GE Vernova from $1,206.00 to $1,298.00 and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. Finally, Morgan Stanley cut shares of GE Vernova from an “overweight” rating to an “underweight” rating in a research note on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, GE Vernova presently has an average rating of “Moderate Buy” and a consensus target price of $1,133.15.

GE Vernova Trading Down 1.7%

The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21. The stock has a fifty day simple moving average of $1,038.75 and a 200 day simple moving average of $964.62. The firm has a market capitalization of $262.88 billion, a P/E ratio of 28.25, a PEG ratio of 3.79 and a beta of 1.21.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The firm had revenue of $11.10 billion for the quarter, compared to analysts’ expectations of $10.79 billion. During the same quarter in the prior year, the business earned $1.86 EPS. The business’s quarterly revenue was up 21.9% compared to the same quarter last year. As a group, research analysts forecast that GE Vernova Inc. will post 15.57 EPS for the current year.

Insider Activity at GE Vernova

In other GE Vernova news, CEO Victor Abate sold 4,819 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of the transaction, the chief executive officer directly owned 1,835 shares in the company, valued at approximately $1,739,726.80. The trade was a 72.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Cornerstone Financial Management LLC acquired a new stake in GE Vernova in the 4th quarter valued at $25,000. Wealth Watch Advisors INC acquired a new position in GE Vernova during the 3rd quarter worth about $25,000. Torren Management LLC purchased a new stake in shares of GE Vernova during the fourth quarter worth $26,000. Manning & Napier Advisors LLC lifted its stake in GE Vernova by 68.4% in the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock worth $26,000 after acquiring an additional 13 shares during the last quarter. Finally, Navalign LLC acquired a new stake in shares of GE Vernova during the 4th quarter worth about $27,000.

GE Vernova Company Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.