GE Vernova (NYSE:GEV) Trading Down 8.6% – Here’s Why

GE Vernova Inc. (NYSE:GEV)’s stock price was down 8.6% during mid-day trading on Monday . The stock traded as low as $868.25 and last traded at $875.1390. 3,290,932 shares were traded during mid-day trading, an increase of 22% from the average daily volume of 2,686,885 shares. The stock had previously closed at $957.27.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GEV. Oppenheimer lifted their price objective on GE Vernova from $1,303.00 to $1,338.00 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. Guggenheim raised their target price on GE Vernova from $1,300.00 to $1,450.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. The Goldman Sachs Group raised GE Vernova from a “buy” rating to a “market outperform” rating in a research report on Monday. Wall Street Zen lowered GE Vernova from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Finally, William Blair restated an “outperform” rating on shares of GE Vernova in a research note on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,129.60.

GE Vernova Stock Performance

The firm has a fifty day simple moving average of $999.15 and a 200 day simple moving average of $983.91. The company has a current ratio of 0.85, a quick ratio of 0.62 and a debt-to-equity ratio of 0.21. The stock has a market cap of $233.08 billion, a price-to-earnings ratio of 25.05, a PEG ratio of 4.45 and a beta of 1.15.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data 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). The firm had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.GE Vernova’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.86 EPS. As a group, sell-side analysts expect that GE Vernova Inc. will post 15.36 earnings per share for the current year.

Institutional Investors Weigh In On GE Vernova

A number of institutional investors have recently bought and sold shares of GEV. California State Teachers Retirement System lifted its stake in GE Vernova by 116,092.4% during the second quarter. California State Teachers Retirement System now owns 483,330,355 shares of the company’s stock worth $567,845,501,000 after purchasing an additional 482,914,381 shares during the period. Auto Owners Insurance Co grew its stake in shares of GE Vernova by 110,973.4% in the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company’s stock valued at $2,278,224,000 after purchasing an additional 34,826,773 shares during the period. BlackRock Inc. bought a new stake in shares of GE Vernova in the 2nd quarter valued at approximately $25,569,630,000. Norges Bank acquired a new position in shares of GE Vernova in the 4th quarter worth approximately $2,283,114,000. Finally, Bank of America Corp DE acquired a new position in shares of GE Vernova in the 2nd quarter worth approximately $2,961,612,000.

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.