GE Vernova (NYSE:GEV) Stock Price Down 2.9% - Here's What Happened

Key Points

• GE Vernova shares fell 2.9% to $923.39, with trading volume down 46% from the average. The stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment remains positive: multiple firms raised their price targets, and the stock carries a “Moderate Buy” consensus rating with an average target of $1,155.28.
• In its latest quarter, GE Vernova reported 21.9% year-over-year revenue growth to $11.10 billion but missed earnings expectations, posting $2.47 per share versus the $3.17 consensus estimate.

GE Vernova Inc. (NYSE:GEV - Get Free Report) shares were down 2.9% on Thursday . The company traded as low as $918.60 and last traded at $923.39. 1,458,084 shares traded hands during trading, a decline of 46% from the average daily volume of 2,692,264 shares. The stock had previously closed at $951.04.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on GEV shares. Guggenheim raised their price objective on shares of GE Vernova from $1,300.00 to $1,450.00 and gave the company a "buy" rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. increased their price target on GE Vernova from $1,302.00 to $1,330.00 and gave the company an "overweight" rating in a research note on Thursday, July 23rd. Royal Bank Of Canada raised their price target on GE Vernova from $1,195.00 to $1,225.00 and gave the stock an "outperform" rating in a research report on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of GE Vernova in a report on Tuesday, July 21st. Finally, William Blair reissued an "outperform" rating on shares of GE Vernova in a research note on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $1,155.28.

GE Vernova Trading Down 2.9%

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 firm has a market capitalization of $245.93 billion, a P/E ratio of 26.43, a PEG ratio of 4.52 and a beta of 1.15. The business has a 50 day moving average of $1,006.09 and a 200-day moving average of $982.37.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $2.47 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 the consensus estimate of $10.79 billion. GE Vernova had a net margin of 23.03% and a return on equity of 42.42%. The business's revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.86 earnings per share. Analysts anticipate that GE Vernova Inc. will post 15.36 EPS for the current fiscal year.

Institutional Trading of GE Vernova

Several institutional investors and hedge funds have recently bought and sold shares of GEV. California State Teachers Retirement System increased its holdings in shares of GE Vernova by 116,092.4% in the second quarter. California State Teachers Retirement System now owns 483,330,355 shares of the company's stock valued at $567,845,501,000 after purchasing an additional 482,914,381 shares during the last quarter. Auto Owners Insurance Co grew its stake in GE Vernova by 110,973.4% in the 4th quarter. Auto Owners Insurance Co now owns 34,858,156 shares of the company's stock valued at $2,278,224,000 after buying an additional 34,826,773 shares during the last quarter. BlackRock Inc. acquired a new position in GE Vernova in the 2nd quarter valued at about $25,569,630,000. Norges Bank bought a new position in GE Vernova in the 4th quarter valued at about $2,283,114,000. Finally, Bank of America Corp DE acquired a new stake in GE Vernova during the second quarter worth approximately $2,961,612,000.

About GE Vernova

GE Vernova Inc NYSE: GEV is an energy technology company that provides equipment, software and services for electricity generation, transmission and distribution. Its portfolio is designed to support power systems across a range of energy sources, including natural gas, nuclear, hydroelectric, wind and solar power, as well as battery storage.

The company operates through three primary businesses: Power, Wind and Electrification. Power supplies gas and steam turbines, generators, nuclear power technologies, hydroelectric equipment and related maintenance services.

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