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

GE Vernova Inc. (NYSE:GEV) saw a large increase in short interest in 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. Approximately 1.5% of the company’s stock are sold short. Based on an average daily volume of 3,910,000 shares, the days-to-cover ratio is currently 1.0 days.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GEV. Guggenheim upgraded GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price objective on the stock in a report on Wednesday, March 5th. Bank of America increased their price objective on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. The Goldman Sachs Group increased their price objective on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a report on Friday, January 24th. New Street Research set a $380.00 price objective on GE Vernova in a report on Wednesday, March 5th. Finally, Wolfe Research began coverage on GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $348.72.

Institutional Trading of GE Vernova

Several institutional investors and hedge funds have recently modified their holdings of GEV. Howard Capital Management Group LLC bought a new position in GE Vernova during the third quarter valued at $213,000. Oppenheimer Asset Management Inc. bought a new position in shares of GE Vernova in the 3rd quarter worth about $758,000. Empowered Funds LLC grew its stake in shares of GE Vernova by 6.0% in the 3rd quarter. Empowered Funds LLC now owns 4,352 shares of the company’s stock worth $1,110,000 after buying an additional 245 shares during the last quarter. Claro Advisors LLC raised its position in shares of GE Vernova by 22.8% in the 3rd quarter. Claro Advisors LLC now owns 1,465 shares of the company’s stock worth $374,000 after purchasing an additional 272 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in shares of GE Vernova by 24.0% during the third quarter. Thrivent Financial for Lutherans now owns 16,908 shares of the company’s stock valued at $4,311,000 after buying an additional 3,274 shares during the last quarter.

GE Vernova Stock Performance

NYSE:GEV traded up $4.14 during mid-day trading on Thursday, hitting $339.94. 2,101,191 shares of the stock were exchanged, compared to its average volume of 3,517,395. GE Vernova has a fifty-two week low of $119.00 and a fifty-two week high of $447.50. The firm’s 50-day simple moving average is $353.42 and its 200 day simple moving average is $316.38. The stock has a market capitalization of $93.79 billion and a price-to-earnings ratio of 61.18.

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

GE Vernova announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.