GE Vernova (NYSE:GEV) Shares Down 1.5% – Here’s Why

GE Vernova Inc. (NYSE:GEV) shares dropped 1.5% during trading on Monday . The stock traded as low as $925.74 and last traded at $942.6890. 1,888,369 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 2,744,054 shares. The stock had previously closed at $956.85.

Analysts Set New Price Targets

A number of research analysts recently weighed in on GEV shares. Mizuho upped their price objective on GE Vernova from $913.00 to $949.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Sanford C. Bernstein raised their target price on GE Vernova from $1,206.00 to $1,298.00 and gave the company an “outperform” rating in a report on Thursday, July 23rd. William Blair restated an “outperform” rating on shares of GE Vernova in a research report on Monday, August 3rd. Morgan Stanley cut shares of GE Vernova from an “overweight” rating to an “underweight” rating in a research note on Monday, August 3rd. Finally, Wall Street Zen downgraded shares of GE Vernova from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,133.15.

GE Vernova Stock Performance

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 stock has a fifty day moving average price of $1,040.83 and a two-hundred day moving average price of $972.03. The company has a market capitalization of $246.55 billion, a price-to-earnings ratio of 26.50, a PEG ratio of 3.39 and a beta of 1.21.

GE Vernova (NYSE:GEV) last announced its 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 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%.The firm’s revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.86 EPS. As a group, analysts forecast that GE Vernova Inc. will post 15.46 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Victor Abate sold 4,819 shares of the business’s 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.21% of the company’s stock.

Institutional Trading of GE Vernova

A number of hedge funds have recently made changes to their positions in GEV. Parvin Asset Management LLC acquired a new position in GE Vernova in the second quarter worth about $32,000. Pingora Partners LLC acquired a new stake in shares of GE Vernova during the second quarter worth $36,000. Manning & Napier Advisors LLC boosted its holdings in shares of GE Vernova by 68.4% in the 1st 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. IMG Wealth Management Inc. bought a new stake in shares of GE Vernova during the 2nd quarter valued at about $39,000. Finally, Miller Global Investments LLC lifted its holdings in GE Vernova by 63.6% in the second quarter. Miller Global Investments LLC now owns 36 shares of the company’s stock worth $42,000 after acquiring an additional 14 shares during 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.