810 Shares in GE Vernova Inc. (NYSE:GEV) Purchased by Summit X LLC

Summit X LLC acquired a new position in shares of GE Vernova Inc. (NYSE:GEV) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 810 shares of the company’s stock, valued at approximately $266,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Glaxis Capital Management LLC purchased a new stake in GE Vernova in the 4th quarter valued at about $658,000. DSC Meridian Capital LP grew its holdings in GE Vernova by 33.2% in the 4th quarter. DSC Meridian Capital LP now owns 2,328 shares of the company’s stock valued at $766,000 after buying an additional 580 shares during the period. Wealthfront Advisers LLC grew its holdings in GE Vernova by 68.4% in the 4th quarter. Wealthfront Advisers LLC now owns 37,028 shares of the company’s stock valued at $12,180,000 after buying an additional 15,037 shares during the period. Fairway Wealth LLC grew its holdings in GE Vernova by 220.0% in the 4th quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after buying an additional 55 shares during the period. Finally, GC Wealth Management RIA LLC purchased a new stake in GE Vernova in the 4th quarter valued at about $271,000.

GE Vernova Trading Up 5.1 %

Shares of NYSE GEV opened at $298.72 on Thursday. The company has a market capitalization of $82.42 billion and a price-to-earnings ratio of 53.73. The business has a 50 day simple moving average of $357.33 and a 200-day simple moving average of $311.79. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $447.50.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS 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 the consensus estimate of $10.70 billion. The business’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, equities analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova announced that its Board of Directors has authorized a stock buyback plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have commented on GEV. JPMorgan Chase & Co. lifted their price target on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Baird R W upgraded GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. The Goldman Sachs Group lifted their price objective on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research note on Friday, January 24th. New Street Research set a $380.00 price objective on GE Vernova in a research note on Wednesday, March 5th. Finally, Robert W. Baird began coverage on GE Vernova in a research note on Thursday, February 13th. They issued an “outperform” rating and a $448.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, GE Vernova currently has an average rating of “Moderate Buy” and a consensus target price of $349.02.

GE Vernova 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.