GE Vernova (NYSE:GEV) Trading Down 6.8% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s stock price was down 6.8% during trading on Tuesday . The stock traded as low as $986.17 and last traded at $1,005.9740. 2,806,129 shares changed hands during trading, an increase of 2% from the average session volume of 2,757,370 shares. The stock had previously closed at $1,079.00.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GEV shares. JPMorgan Chase & Co. raised their target price on GE Vernova from $1,302.00 to $1,330.00 and gave the company an “overweight” rating in a research report on Thursday, July 23rd. Wall Street Zen downgraded GE Vernova from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Guggenheim raised their price objective 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 reaffirmed a “buy” rating and set a $1,328.00 target price on shares of GE Vernova in a report on Friday, April 24th. Finally, Morgan Stanley downgraded shares of GE Vernova from an “overweight” rating to an “underweight” rating in a report on Monday, August 3rd. Two 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and a consensus price target of $1,133.15.

GE Vernova Stock Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.62 and a current ratio of 0.85. The firm’s 50-day moving average price is $1,037.03 and its two-hundred day moving average price is $962.56. The stock has a market cap of $267.93 billion, a price-to-earnings ratio of 28.79, a PEG ratio of 3.79 and a beta of 1.21.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.86 earnings per share. On average, analysts expect that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

Insider Buying and Selling at GE Vernova

In other news, CEO Victor Abate sold 4,819 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 1,835 shares of the company’s stock, valued at approximately $1,739,726.80. The trade was a 72.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.21% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GE Vernova

A number of hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC boosted 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 purchasing an additional 753 shares during the period. Schnieders Capital Management LLC. grew its holdings in 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 acquired a new position in GE Vernova during the 2nd quarter worth approximately $258,000. Ossiam purchased a new stake in shares of GE Vernova in the 2nd quarter valued at approximately $42,000. Finally, Nebula Research & Development LLC increased its position in shares of GE Vernova by 23.9% in the 2nd quarter. Nebula Research & Development LLC now owns 1,674 shares of the company’s stock valued at $886,000 after purchasing an additional 323 shares during the last quarter.

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.