GE Vernova (NYSE:GEV) Shares Down 5.9% – What’s Next?

Shares of GE Vernova Inc. (NYSE:GEV) were down 5.9% on Tuesday . The stock traded as low as $327.51 and last traded at $328.75. Approximately 1,193,507 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 3,507,185 shares. The stock had previously closed at $349.44.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Jefferies Financial Group boosted their price objective on GE Vernova from $293.00 to $336.00 and gave the stock a “buy” rating in a report on Friday, October 18th. JPMorgan Chase & Co. increased their price objective on shares of GE Vernova from $285.00 to $330.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Barclays lifted their target price on shares of GE Vernova from $300.00 to $320.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Bank of America increased their price target on GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, Raymond James cut GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Seven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $261.40.

GE Vernova Stock Down 2.2 %

The firm has a 50 day moving average of $268.31 and a 200 day moving average of $206.42.

Institutional Investors Weigh In On GE Vernova

Several hedge funds and other institutional investors have recently modified their holdings of GEV. FMR LLC lifted its holdings in shares of GE Vernova by 2.5% during the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after acquiring an additional 584,208 shares during the last quarter. Newport Trust Company LLC purchased a new stake in GE Vernova in the second quarter worth approximately $650,140,000. Bank of New York Mellon Corp bought a new position in GE Vernova during the second quarter valued at approximately $537,674,000. Price T Rowe Associates Inc. MD purchased a new position in shares of GE Vernova during the first quarter worth approximately $367,474,000. Finally, WCM Investment Management LLC lifted its holdings in shares of GE Vernova by 83.1% in the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after acquiring an additional 1,161,901 shares during the last quarter.

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.