GE Vernova (NYSE:GEV) Trading Down 1.7% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s stock price was down 1.7% during mid-day trading on Tuesday . The company traded as low as $923.54 and last traded at $925.7430. 2,016,365 shares traded hands during trading, a decline of 26% from the average session volume of 2,739,538 shares. The stock had previously closed at $942.10.

Wall Street Analyst Weigh In

GEV has been the topic of several analyst reports. Jefferies Financial Group reissued a “buy” rating on shares of GE Vernova in a report on Monday, July 27th. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research note on Monday, August 3rd. TD Cowen upped their price objective on shares of GE Vernova from $1,220.00 to $1,235.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Zacks Research downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of GE Vernova in a report on Tuesday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average price target of $1,133.15.

GE Vernova Stock Performance

The company has a market capitalization of $246.55 billion, a price-to-earnings ratio of 26.50, a price-to-earnings-growth ratio of 3.41 and a beta of 1.21. The stock has a 50 day moving average of $1,041.97 and a 200 day moving average of $970.76. 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 issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). The firm had revenue of $11.10 billion during 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%.The firm’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.86 EPS. As a group, analysts predict that GE Vernova Inc. will post 15.57 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Victor Abate sold 4,819 shares of GE Vernova stock in a transaction on Monday, June 1st. The shares were sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the completion of the transaction, the chief executive officer owned 1,835 shares of the company’s stock, valued at $1,739,726.80. This trade represents a 72.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GE Vernova

Several institutional investors and hedge funds have recently made changes to their positions in the business. World Investment Advisors boosted its stake in shares of GE Vernova by 19.9% during the 4th quarter. World Investment Advisors now owns 13,497 shares of the company’s stock valued at $8,821,000 after purchasing an additional 2,241 shares in the last quarter. Vest Financial LLC increased its holdings in shares of GE Vernova by 56.7% during the fourth quarter. Vest Financial LLC now owns 66,191 shares of the company’s stock valued at $43,260,000 after acquiring an additional 23,956 shares in the last quarter. RiverFront Investment Group LLC raised its holdings in GE Vernova by 239.2% in the fourth quarter. RiverFront Investment Group LLC now owns 2,191 shares of the company’s stock worth $1,432,000 after buying an additional 1,545 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new position in GE Vernova in the 2nd quarter worth approximately $8,337,000. Finally, Danske Bank A S lifted its position in GE Vernova by 5.5% in the 4th quarter. Danske Bank A S now owns 156,236 shares of the company’s stock valued at $102,111,000 after acquiring an additional 8,086 shares in the last quarter.

About GE Vernova

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.