Short Interest in GE Vernova Inc. (NYSE:GEV) Drops By 8.6%

GE Vernova Inc. (NYSE:GEV) saw a significant decline in short interest in September. As of September 30th, there was short interest totalling 4,770,000 shares, a decline of 8.6% from the September 15th total of 5,220,000 shares. Based on an average trading volume of 2,950,000 shares, the short-interest ratio is currently 1.6 days. Approximately 1.7% of the shares of the stock are short sold.

GE Vernova Stock Performance

Shares of NYSE GEV traded down $2.77 during trading on Thursday, reaching $272.00. The company had a trading volume of 2,449,655 shares, compared to its average volume of 3,622,460. The stock has a 50-day moving average price of $221.17 and a two-hundred day moving average price of $183.61. GE Vernova has a twelve month low of $115.00 and a twelve month high of $281.37.

GE Vernova (NYSE:GEV) last released its earnings results on Wednesday, July 24th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. The company had revenue of $8.20 billion during the quarter, compared to analyst estimates of $8.42 billion. As a group, analysts predict that GE Vernova will post 3.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GE Vernova

A number of institutional investors have recently added to or reduced their stakes in the company. Anderson Hoagland & Co. bought a new position in shares of GE Vernova in the 1st quarter worth about $1,720,000. Maryland State Retirement & Pension System purchased a new position in shares of GE Vernova in the first quarter worth approximately $2,892,000. Boit C F David purchased a new position in GE Vernova during the 1st quarter valued at about $149,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of GE Vernova in the 1st quarter valued at approximately $30,000. Finally, Nwam LLC acquired a new position in GE Vernova during the first quarter valued at approximately $1,531,000.

Analysts Set New Price Targets

GEV has been the topic of several research reports. Truist Financial initiated coverage on shares of GE Vernova in a research note on Thursday, September 26th. They set a “buy” rating and a $300.00 price target on the stock. William Blair began coverage on GE Vernova in a research note on Thursday, August 29th. They set an “outperform” rating on the stock. 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. Hsbc Global Res cut GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Finally, Redburn Atlantic began coverage on GE Vernova in a research note on Tuesday, July 2nd. They issued a “neutral” rating and a $178.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus price target of $243.78.

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.