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

Key Points

• GE Vernova shares fell 4.4% in mid-day trading to about $912, with volume below the stock’s average session volume.
• Analysts remain broadly optimistic: the stock has a “Moderate Buy” consensus rating and an average price target of $1,133.15, with several firms recently raising their targets.
• The company’s latest quarterly revenue rose 21.9% year over year to $11.10 billion, but adjusted earnings of $2.47 per share missed estimates by $0.70.

Shares of GE Vernova Inc. (NYSE:GEV - Get Free Report) traded down 4.4% during mid-day trading on Friday . The stock traded as low as $911.33 and last traded at $912.32. 1,855,375 shares changed hands 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 Upgrades and Downgrades

GEV has been the subject of a number of research reports. Royal Bank Of Canada boosted their target price on shares of GE Vernova from $1,195.00 to $1,225.00 and gave the stock an "outperform" rating in a research note on Thursday, July 23rd. Guggenheim increased their price target on GE Vernova from $1,300.00 to $1,450.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. Oppenheimer upped their target price on shares of GE Vernova from $1,303.00 to $1,338.00 and gave the company 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 research report on Tuesday, July 21st. Finally, William Blair restated an "outperform" rating on shares of GE Vernova in a report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $1,133.15.

GE Vernova Price Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 0.85 and a quick ratio of 0.62. The company has a market capitalization of $242.98 billion, a PE ratio of 26.11, a price-to-earnings-growth ratio of 3.42 and a beta of 1.21. The stock's 50 day simple moving average is $1,035.81 and its 200-day simple moving average is $974.80.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $2.47 earnings per share 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 business had revenue of $11.10 billion during the quarter, compared to analyst estimates of $10.79 billion. The company'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, equities analysts forecast that GE Vernova Inc. will post 15.46 earnings per share for the current fiscal year.

Insider Activity at GE Vernova

In other news, CEO Victor Abate sold 4,819 shares of the company's stock in a transaction 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 approximately $1,739,726.80. This represents a 72.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.21% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Formuepleje A S acquired a new position in shares of GE Vernova during the second quarter worth about $1,980,000. Tucker Asset Management LLC acquired a new stake in GE Vernova in the second quarter valued at approximately $565,000. HORAN Wealth LLC lifted its stake in GE Vernova by 16.4% in the second quarter. HORAN Wealth LLC now owns 2,818 shares of the company's stock worth $3,311,000 after acquiring an additional 397 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in GE Vernova in the second quarter worth approximately $66,213,000. Finally, California State Teachers Retirement System increased its position in shares of GE Vernova by 116,092.4% in the 2nd 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.

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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