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

GE Vernova Inc. (NYSE:GEV) was the recipient of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 3,990,000 shares, a growth of 17.7% from the February 13th total of 3,390,000 shares. Based on an average daily volume of 3,910,000 shares, the short-interest ratio is currently 1.0 days. Approximately 1.5% of the shares of the stock are sold short.

Analyst Ratings Changes

GEV has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their target price on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research note on Thursday, January 23rd. Jefferies Financial Group raised their target price on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Baird R W raised shares of GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. Marathon Capitl upgraded shares of GE Vernova to a “strong-buy” rating in a research report on Friday, January 31st. Finally, Wells Fargo & Company lifted their price target on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Seven analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $348.72.

GE Vernova Stock Up 1.2 %

GEV traded up $4.14 during trading on Thursday, reaching $339.94. The company’s stock had a trading volume of 2,101,191 shares, compared to its average volume of 3,517,395. The company has a market cap of $93.79 billion and a price-to-earnings ratio of 61.18. The firm has a fifty day simple moving average of $353.42 and a two-hundred day simple moving average of $316.38. GE Vernova has a 1 year low of $119.00 and a 1 year high of $447.50.

GE Vernova (NYSE:GEV) last released its quarterly earnings data 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 return on equity of 6.70% and a net margin of 4.44%. The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts forecast that GE Vernova will post 6.59 EPS for the current fiscal year.

GE Vernova declared that its Board of Directors has approved a stock buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On GE Vernova

Several large investors have recently modified their holdings of GEV. Register Financial Advisors LLC acquired a new position in GE Vernova during the 4th quarter worth about $206,000. GPS Wealth Strategies Group LLC lifted its stake in GE Vernova by 1,126.0% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company’s stock worth $294,000 after acquiring an additional 822 shares in the last quarter. Yarbrough Capital LLC lifted its stake in GE Vernova by 67.2% during the 4th quarter. Yarbrough Capital LLC now owns 2,886 shares of the company’s stock worth $949,000 after acquiring an additional 1,160 shares in the last quarter. Legacy Bridge LLC lifted its stake in GE Vernova by 77.0% during the 4th quarter. Legacy Bridge LLC now owns 10,982 shares of the company’s stock worth $3,612,000 after acquiring an additional 4,776 shares in the last quarter. Finally, CENTRAL TRUST Co lifted its stake in GE Vernova by 16.6% during the 4th quarter. CENTRAL TRUST Co now owns 9,872 shares of the company’s stock worth $3,247,000 after acquiring an additional 1,408 shares in the last quarter.

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.