GE Vernova (NYSE:GEV) Hits New 1-Year High – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $301.53 and last traded at $296.33, with a volume of 182344 shares changing hands. The stock had previously closed at $298.77.

Analysts Set New Price Targets

A number of analysts have recently issued reports on GEV shares. Guggenheim started coverage on GE Vernova in a report on Tuesday, September 24th. They issued a “buy” rating and a $300.00 target price for the company. Evercore ISI raised their price objective on GE Vernova from $300.00 to $323.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. The Goldman Sachs Group upped their target price on GE Vernova from $220.00 to $308.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Bank of America increased their price target on shares of GE Vernova from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Morgan Stanley boosted their price objective on shares of GE Vernova from $256.00 to $301.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $261.40.

GE Vernova Stock Performance

The stock has a fifty day moving average price of $244.09 and a 200 day moving average price of $194.36.

Institutional Investors Weigh In On GE Vernova

A number of large investors have recently added to or reduced their stakes in the stock. Aspire Private Capital LLC acquired a new stake in shares of GE Vernova in the second quarter worth $40,000. Legal & General Group Plc bought a new position in GE Vernova in the 2nd quarter worth $293,699,000. Central Pacific Bank Trust Division lifted its position in GE Vernova by 1,242.9% during the 3rd quarter. Central Pacific Bank Trust Division now owns 2,350 shares of the company’s stock worth $599,000 after acquiring an additional 2,175 shares during the last quarter. Concourse Financial Group Securities Inc. lifted its position in GE Vernova by 75.6% during the 3rd quarter. Concourse Financial Group Securities Inc. now owns 4,958 shares of the company’s stock worth $1,264,000 after acquiring an additional 2,134 shares during the last quarter. Finally, Park Avenue Securities LLC bought a new stake in GE Vernova during the third quarter valued at about $2,042,000.

About GE Vernova

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.