GE Vernova Inc. (NYSE:GEV) Sees Large Increase in Short Interest

GE Vernova Inc. (NYSE:GEV) was the recipient of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 3,990,000 shares, an increase of 17.7% from the February 13th total of 3,390,000 shares. Based on an average trading volume of 3,910,000 shares, the days-to-cover ratio is currently 1.0 days. Approximately 1.5% of the company’s shares are short sold.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Baird R W raised GE Vernova to a “strong-buy” rating in a research note on Thursday, February 13th. The Goldman Sachs Group increased their target price on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research note on Friday, January 24th. Johnson Rice started coverage on GE Vernova in a research report on Friday, February 7th. They set a “buy” rating and a $425.00 target price for the company. William Blair restated an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Finally, New Street Research set a $380.00 target price on shares of GE Vernova in a report on Wednesday, March 5th. Seven equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and an average price target of $348.72.

GE Vernova Stock Performance

GE Vernova stock traded up $16.45 during midday trading on Wednesday, reaching $335.38. 3,002,360 shares of the company’s stock were exchanged, compared to its average volume of 4,208,689. The stock’s 50-day simple moving average is $354.04 and its 200 day simple moving average is $316.24. The firm has a market cap of $92.53 billion and a price-to-earnings ratio of 60.32. GE Vernova has a 52 week low of $115.00 and a 52 week high of $447.50.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Research analysts forecast that GE Vernova will post 6.59 earnings per share for the current year.

GE Vernova declared that its Board of Directors has authorized a stock buyback plan on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of GE Vernova

Hedge funds have recently modified their holdings of the stock. Cedar Mountain Advisors LLC lifted its position in GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after acquiring an additional 39 shares during the last quarter. MRP Capital Investments LLC bought a new position in shares of GE Vernova during the fourth quarter worth approximately $25,000. Fairway Wealth LLC boosted its stake in GE Vernova by 220.0% in the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after purchasing an additional 55 shares during the period. Pineridge Advisors LLC grew its holdings in GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after buying an additional 69 shares in the last quarter. Finally, Navigoe LLC bought a new position in GE Vernova during the 4th quarter worth $27,000.

GE Vernova Company Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.