40,606 Shares in GE Vernova Inc. $GEV Bought by Wealthfront Advisers LLC

Key Points

• Wealthfront Advisers bought 40,606 GE Vernova shares during the second quarter, valued at approximately $47.7 million. Several other major institutions, including BlackRock, Norges Bank and Bank of New York Mellon, also established or expanded positions.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $1,133.15, although some firms recently downgraded the stock to “hold” or “neutral.”
• GE Vernova reported quarterly revenue of $11.1 billion, up 21.9% year over year and above estimates, but earnings per share of $2.47 missed the $3.17 consensus forecast. CEO Victor Abate also sold 4,819 shares, reducing his direct holdings by 72.42%.

Wealthfront Advisers LLC purchased a new stake in GE Vernova Inc. (NYSE:GEV - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 40,606 shares of the company's stock, valued at approximately $47,706,000.

Several other hedge funds and other institutional investors have also made changes to their positions in GEV. Auto Owners Insurance Co increased its stake in shares of GE Vernova by 110,973.4% during the fourth quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company's stock worth $2,278,224,000 after buying an additional 34,826,773 shares during the period. BlackRock Inc. purchased a new position in GE Vernova in the second quarter worth approximately $25,569,630,000. Norges Bank purchased a new position in GE Vernova in the fourth quarter worth approximately $2,283,114,000. Northwestern Mutual Wealth Management Co. grew its holdings in GE Vernova by 5,171.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,452,858 shares of the company's stock worth $1,603,114,000 after acquiring an additional 2,406,326 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in GE Vernova during the 2nd quarter worth approximately $2,497,472,000.

Wall Street Analyst Weigh In

GEV has been the topic of a number of analyst reports. Wall Street Zen lowered shares of GE Vernova from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. William Blair reiterated an "outperform" rating on shares of GE Vernova in a research note on Monday, August 3rd. BNP Paribas Exane lowered GE Vernova from an "outperform" rating to a "neutral" rating and set a $1,190.00 target price on the stock. in a report on Monday, April 27th. Zacks Research cut GE Vernova from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Finally, Argus set a $1,300.00 price target on GE Vernova in a report on Monday, April 27th. Two equities research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,133.15.

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 dated Monday, June 1st. The stock was sold at an average price of $948.08, for a total value of $4,568,797.52. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.21% of the company's stock.

GE Vernova Trading Down 0.0%

Shares of GE Vernova stock opened at $956.69 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.62 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $1,042.72 and a 200-day simple moving average of $969.61. The stock has a market cap of $254.80 billion, a price-to-earnings ratio of 27.38, a PEG ratio of 3.41 and a beta of 1.21. GE Vernova Inc. has a 12-month low of $530.16 and a 12-month high of $1,195.94.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.70). GE Vernova had a return on equity of 42.42% and a net margin of 23.03%.The company had revenue of $11.10 billion for the quarter, compared to analyst estimates of $10.79 billion. During the same quarter in the prior year, the business earned $1.86 earnings per share. GE Vernova's revenue was up 21.9% compared to the same quarter last year. On average, equities analysts forecast that GE Vernova Inc. will post 15.57 EPS for the current fiscal year.

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.

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