GE Vernova Inc. (NYSE:GEV) Sees Significant Decline in Short Interest

by · The Cerbat Gem

GE Vernova Inc. (NYSE:GEV – Get Free Report) was the target of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 4,770,000 shares, a drop of 8.6% from the September 15th total of 5,220,000 shares. Based on an average daily trading volume, of 2,950,000 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.7% of the company’s shares are short sold.

GE Vernova Stock Down 1.0 %

GEV traded down $2.77 during trading on Thursday, hitting $272.00. The company’s stock had a trading volume of 2,450,870 shares, compared to its average volume of 3,622,051. The business’s 50 day simple moving average is $221.17 and its 200-day simple moving average is $183.61. GE Vernova has a one year low of $115.00 and a one year high of $281.37.

GE Vernova (NYSE:GEV – Get Free Report) last announced its earnings results on Wednesday, July 24th. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $8.20 billion during the quarter, compared to the consensus estimate of $8.42 billion. As a group, equities analysts forecast that GE Vernova will post 3.21 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Morgan Stanley boosted their target price on GE Vernova from $220.00 to $256.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. JPMorgan Chase & Co. upped their price objective on shares of GE Vernova from $240.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Oppenheimer began coverage on shares of GE Vernova in a research note on Thursday, September 26th. They set a “market perform” rating on the stock. Truist Financial began coverage on shares of GE Vernova in a research note on Thursday, September 26th. They issued a “buy” rating and a $300.00 price target for the company. Finally, HSBC reiterated a “hold” rating and set a $255.00 target price (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Seven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $243.78.

Get Our Latest Stock Report on GE Vernova

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Global Retirement Partners LLC raised its holdings in shares of GE Vernova by 0.9% during the 3rd quarter. Global Retirement Partners LLC now owns 4,507 shares of the company’s stock worth $1,149,000 after acquiring an additional 40 shares in the last quarter. Miracle Mile Advisors LLC lifted its position in GE Vernova by 1.8% during the third quarter. Miracle Mile Advisors LLC now owns 2,768 shares of the company’s stock valued at $706,000 after purchasing an additional 48 shares during the last quarter. Merrion Investment Management Co LLC grew its stake in shares of GE Vernova by 0.8% in the 3rd quarter. Merrion Investment Management Co LLC now owns 6,250 shares of the company’s stock worth $1,594,000 after buying an additional 50 shares in the last quarter. Parisi Gray Wealth Management increased its holdings in shares of GE Vernova by 3.5% in the 3rd quarter. Parisi Gray Wealth Management now owns 1,492 shares of the company’s stock worth $380,000 after buying an additional 51 shares during the last quarter. Finally, Petredis Investment Advisors LLC raised its position in shares of GE Vernova by 0.4% during the 3rd quarter. Petredis Investment Advisors LLC now owns 13,412 shares of the company’s stock valued at $3,420,000 after buying an additional 53 shares in the last quarter.

GE Vernova Company Profile

(Get Free Report)

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.

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