GE Vernova (NYSE:GEV) Trading Up 0.7% – Here’s Why

Shares of GE Vernova Inc. (NYSE:GEV) shot up 0.7% during mid-day trading on Friday . The stock traded as high as $342.79 and last traded at $339.26. 500,065 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 3,520,170 shares. The stock had previously closed at $336.78.

Wall Street Analysts Forecast Growth

GEV has been the subject of several recent analyst reports. HSBC restated a “hold” rating and issued a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Oppenheimer initiated coverage on shares of GE Vernova in a report on Thursday, September 26th. They set a “market perform” rating for the company. Jefferies Financial Group lifted their target price on shares of GE Vernova from $293.00 to $336.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Mizuho increased their price target on GE Vernova from $186.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Barclays lifted their price objective on GE Vernova from $300.00 to $320.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $261.40.

GE Vernova Price Performance

The company has a 50-day simple moving average of $254.36 and a 200 day simple moving average of $199.77.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GEV. Newport Trust Company LLC purchased a new position in shares of GE Vernova during the second quarter worth approximately $650,140,000. Bank of New York Mellon Corp bought a new position in shares of GE Vernova during the 2nd quarter worth $537,674,000. Price T Rowe Associates Inc. MD purchased a new position in shares of GE Vernova during the first quarter valued at $367,474,000. WCM Investment Management LLC increased its stake in shares of GE Vernova by 83.1% during the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after buying an additional 1,161,901 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of GE Vernova in the second quarter valued at about $399,770,000.

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.