GE Vernova Inc. (NYSE:GEV) Short Interest Up 17.7% in February

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. Currently, 1.5% of the company’s stock are sold short. Based on an average trading volume of 3,910,000 shares, the days-to-cover ratio is presently 1.0 days.

GE Vernova Stock Performance

NYSE GEV traded up $16.45 during trading on Wednesday, reaching $335.38. 3,002,360 shares of the company traded hands, compared to its average volume of 4,208,689. GE Vernova has a 1-year low of $115.00 and a 1-year high of $447.50. The company has a market cap of $92.53 billion and a price-to-earnings ratio of 60.32. The stock’s 50 day moving average price is $354.04 and its two-hundred day moving average price is $316.24.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate 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. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. Equities research analysts expect that GE Vernova will post 6.59 EPS for the current fiscal year.

GE Vernova announced that its board has approved a share buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GEV. Truist Financial upped their target price on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Evercore ISI upped their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Robert W. Baird began coverage on shares of GE Vernova in a research note on Thursday, February 13th. They set an “outperform” rating and a $448.00 target price for the company. New Street Research set a $380.00 price target on shares of GE Vernova in a research note on Wednesday, March 5th. Finally, TD Cowen assumed coverage on GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $348.72.

Hedge Funds Weigh In On GE Vernova

A number of institutional investors and hedge funds have recently bought and sold shares of GEV. Mountaineer Partners Management LLC acquired a new stake in GE Vernova in the 3rd quarter valued at about $2,507,296,000. Norges Bank bought a new stake in shares of GE Vernova during the fourth quarter valued at approximately $1,109,720,000. Capital International Investors increased its holdings in shares of GE Vernova by 25.3% in the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock valued at $4,886,164,000 after purchasing an additional 2,994,660 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in GE Vernova by 1,638.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company’s stock worth $432,309,000 after buying an additional 1,238,690 shares in the last quarter. Finally, FMR LLC boosted its position in GE Vernova by 3.4% in the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock valued at $8,177,803,000 after buying an additional 814,155 shares during 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.