Short Interest in GE Vernova Inc. (NYSE:GEV) Grows By 22.3%

GE Vernova Inc. (NYSE:GEV) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 4,880,000 shares, a growth of 22.3% from the February 28th total of 3,990,000 shares. Currently, 1.8% of the company’s shares are sold short. Based on an average trading volume of 3,910,000 shares, the days-to-cover ratio is currently 1.2 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GEV. FMR LLC grew its holdings in GE Vernova by 3.4% during the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock worth $8,177,803,000 after acquiring an additional 814,155 shares in the last quarter. Capital International Investors increased its position in shares of GE Vernova by 25.3% during the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock worth $4,886,164,000 after purchasing an additional 2,994,660 shares in the last quarter. State Street Corp lifted its holdings in shares of GE Vernova by 1.1% in the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC acquired a new stake in shares of GE Vernova in the 3rd quarter valued at about $2,507,296,000. Finally, Geode Capital Management LLC grew its stake in GE Vernova by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company’s stock worth $1,898,814,000 after buying an additional 195,828 shares during the last quarter.

GE Vernova Stock Down 4.9 %

Shares of NYSE GEV opened at $314.44 on Thursday. GE Vernova has a 52-week low of $119.00 and a 52-week high of $447.50. The business’s 50 day moving average is $339.82 and its two-hundred day moving average is $324.64. The firm has a market cap of $86.75 billion and a price-to-earnings ratio of 56.50.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. Analysts anticipate that GE Vernova will post 6.59 EPS for the current fiscal year.

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

Analysts Set New Price Targets

GEV has been the subject of a number of recent analyst reports. Wolfe Research initiated coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 target price for the company. New Street Research set a $380.00 target price on GE Vernova in a research report on Wednesday, March 5th. The Goldman Sachs Group upped their price target on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Finally, TD Cowen began coverage on GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective on the stock. Seven analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $349.20.

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.