GE Vernova (NYSE:GEV) Shares Down 2% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s stock price was down 2% on Wednesday . The company traded as low as $949.06 and last traded at $951.9030. 1,470,480 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 2,699,288 shares. The stock had previously closed at $971.31.

Analysts Set New Price Targets

GEV has been the subject of a number of research analyst reports. Jefferies Financial Group reaffirmed a “buy” rating on shares of GE Vernova in a research report on Monday, July 27th. Mizuho increased their price objective on shares of GE Vernova from $913.00 to $949.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Sanford C. Bernstein increased their price target on shares of 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. Morgan Stanley cut GE Vernova from an “overweight” rating to an “underweight” rating in a report on Monday, August 3rd. Finally, Wall Street Zen cut GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $1,155.28.

GE Vernova Stock Down 2.0%

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 company’s 50 day moving average is $1,009.73 and its two-hundred day moving average is $981.53. The company has a market capitalization of $253.52 billion, a PE ratio of 27.24, a PEG ratio of 4.38 and a beta of 1.15.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). The business had revenue of $11.10 billion during the quarter, compared to analysts’ expectations of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The company’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period last year, the business posted $1.86 earnings per share. On average, analysts anticipate that GE Vernova Inc. will post 15.36 earnings per share for the current year.

Institutional Investors Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently modified their holdings of GEV. B. Metzler seel. Sohn & Co. AG boosted its holdings in shares of GE Vernova by 37.7% during the second quarter. B. Metzler seel. Sohn & Co. AG now owns 23,080 shares of the company’s stock valued at $27,116,000 after acquiring an additional 6,313 shares during the period. RiverFront Investment Group LLC grew its position in GE Vernova by 239.2% in the 4th quarter. RiverFront Investment Group LLC now owns 2,191 shares of the company’s stock worth $1,432,000 after purchasing an additional 1,545 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new stake in shares of GE Vernova in the second quarter valued at approximately $8,337,000. Sapient Capital LLC boosted its position in shares of GE Vernova by 31.4% during the second quarter. Sapient Capital LLC now owns 76,038 shares of the company’s stock worth $89,372,000 after buying an additional 18,188 shares during the period. Finally, Processus Wealth & Capital Management LLC bought a new position in GE Vernova in the 2nd quarter worth approximately $2,699,000.

GE Vernova Company Profile

GE Vernova Inc (NYSE: GEV) is an energy technology company that provides equipment, software and services for electricity generation, transmission and distribution. Its portfolio is designed to support power systems across a range of energy sources, including natural gas, nuclear, hydroelectric, wind and solar power, as well as battery storage.

The company operates through three primary businesses: Power, Wind and Electrification. Power supplies gas and steam turbines, generators, nuclear power technologies, hydroelectric equipment and related maintenance services.