GE Vernova (NYSE:GEV) Stock Price Down 2.9% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV) traded down 2.9% during mid-day trading on Thursday . The company traded as low as $918.60 and last traded at $923.39. Approximately 1,458,084 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 2,692,264 shares. The stock had previously closed at $951.04.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GEV. Jefferies Financial Group set a $1,185.00 price objective on shares of GE Vernova in a report on Friday. BMO Capital Markets reiterated an “outperform” rating on shares of GE Vernova in a research note on Friday, August 7th. Weiss Ratings reissued a “buy (b)” rating on shares of GE Vernova in a report on Tuesday, July 21st. JPMorgan Chase & Co. lifted their price objective on shares of GE Vernova from $1,302.00 to $1,330.00 and gave the company an “overweight” rating in a research note on Thursday, July 23rd. Finally, Sanford C. Bernstein increased their price objective on shares of GE Vernova from $1,206.00 to $1,298.00 and gave the stock an “outperform” rating in a research note on Thursday, July 23rd. Two 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and a consensus target price of $1,154.28.

GE Vernova Stock Up 3.5%

The stock has a market cap of $254.70 billion, a PE ratio of 27.37, a P/E/G ratio of 4.30 and a beta of 1.15. The business has a 50 day moving average price of $999.15 and a 200 day moving average price of $982.84. The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21.

GE Vernova (NYSE:GEV) last announced 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 company 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 posted $1.86 earnings per share. The firm’s revenue was up 21.9% compared to the same quarter last year. Equities research analysts expect that GE Vernova Inc. will post 15.36 EPS for the current fiscal year.

Hedge Funds Weigh In On GE Vernova

Several institutional investors have recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in GE Vernova by 29.4% in the fourth quarter. Brighton Jones LLC now owns 3,315 shares of the company’s stock valued at $1,091,000 after buying an additional 753 shares in the last quarter. Schnieders Capital Management LLC. boosted its stake in shares of GE Vernova by 1.7% during the 2nd quarter. Schnieders Capital Management LLC. now owns 1,564 shares of the company’s stock worth $828,000 after acquiring an additional 26 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of GE Vernova during the 2nd quarter worth about $258,000. Ossiam acquired a new stake in shares of GE Vernova during the 2nd quarter valued at about $42,000. Finally, Nebula Research & Development LLC grew its position in shares of GE Vernova by 23.9% during the 2nd quarter. Nebula Research & Development LLC now owns 1,674 shares of the company’s stock valued at $886,000 after acquiring an additional 323 shares during the period.

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.