Short Interest in GE Vernova Inc. (NYSE:GEV) Rises By 22.3%

GE Vernova Inc. (NYSE:GEV) was the recipient of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 4,880,000 shares, a growth of 22.3% from the February 28th total of 3,990,000 shares. Based on an average trading volume of 3,910,000 shares, the short-interest ratio is presently 1.2 days. Currently, 1.8% of the company’s shares are short sold.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Armstrong Advisory Group Inc. raised its position in GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after buying an additional 27 shares during the last quarter. Hengehold Capital Management LLC raised its holdings in shares of GE Vernova by 2.4% during the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after purchasing an additional 29 shares during the last quarter. AdvisorNet Financial Inc lifted its position in GE Vernova by 1.6% during the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock valued at $611,000 after purchasing an additional 30 shares during the period. Mutual Advisors LLC boosted its holdings in GE Vernova by 1.2% in the fourth quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock valued at $888,000 after purchasing an additional 31 shares during the last quarter. Finally, WASHINGTON TRUST Co grew its position in GE Vernova by 1.9% during the 4th quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock worth $560,000 after purchasing an additional 31 shares during the period.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GEV. Evercore ISI increased their target price on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Johnson Rice began coverage on shares of GE Vernova in a research note on Friday, February 7th. They issued a “buy” rating and a $425.00 price target on the stock. New Street Research set a $380.00 price objective on shares of GE Vernova in a research report on Wednesday, March 5th. Bank of America raised their target price on shares of GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, Guggenheim upgraded GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price target for the company in a report on Wednesday, March 5th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $350.27.

GE Vernova Stock Up 2.6 %

Shares of GEV traded up $8.17 during mid-day trading on Wednesday, hitting $323.81. 772,924 shares of the company traded hands, compared to its average volume of 3,585,384. The company has a market capitalization of $89.34 billion and a PE ratio of 58.32. The business has a 50 day moving average of $341.74 and a 200 day moving average of $324.60. GE Vernova has a 1-year low of $119.00 and a 1-year high of $447.50.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, research analysts expect that GE Vernova will post 6.59 EPS for the current fiscal year.

GE Vernova declared that its Board of Directors has authorized a share repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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.