GE Vernova (NYSE:GEV) Stock Price Down 4.4% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s stock price dropped 4.4% during trading on Friday . The stock traded as low as $911.33 and last traded at $912.32. Approximately 1,855,375 shares were traded during mid-day trading, a decline of 32% from the average session volume of 2,724,470 shares. The stock had previously closed at $953.83.

Analyst Ratings Changes

A number of analysts have issued reports on the company. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a report on Monday, August 3rd. Wall Street Zen lowered GE Vernova from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Mizuho boosted their target price on GE Vernova from $913.00 to $949.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Guggenheim boosted their price objective on shares of GE Vernova from $1,300.00 to $1,450.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of 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. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $1,133.15.

GE Vernova Trading Down 4.4%

The company has a quick ratio of 0.62, a current ratio of 0.85 and a debt-to-equity ratio of 0.21. The company has a fifty day moving average of $1,035.81 and a two-hundred day moving average of $974.80. The stock has a market capitalization of $242.98 billion, a price-to-earnings ratio of 26.11, a P/E/G ratio of 3.42 and a beta of 1.21.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.70). GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The firm had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.79 billion. During the same quarter in the previous year, the business earned $1.86 EPS. GE Vernova’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, research analysts expect that GE Vernova Inc. will post 15.46 EPS for the current year.

Insider Activity 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 stock was sold at an average price of $948.08, for a total transaction of $4,568,797.52. Following the sale, the chief executive officer owned 1,835 shares of the company’s stock, valued at $1,739,726.80. The trade was a 72.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.21% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GEV. Cornerstone Financial Management LLC acquired a new stake in shares of GE Vernova during the 4th quarter worth about $25,000. Wealth Watch Advisors INC acquired a new stake in shares of GE Vernova during the 3rd quarter worth $25,000. Torren Management LLC acquired a new stake in GE Vernova during the fourth quarter worth about $26,000. Manning & Napier Advisors LLC raised its holdings in GE Vernova by 68.4% in the first quarter. Manning & Napier Advisors LLC now owns 32 shares of the company’s stock valued at $26,000 after buying an additional 13 shares during the period. Finally, Navalign LLC purchased a new position in shares of GE Vernova in the 4th quarter valued at $27,000.

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.