GE Vernova (NYSE:GEV) Trading 2.1% Higher – Here’s Why

Shares of GE Vernova Inc. (NYSE:GEV) traded up 2.1% during mid-day trading on Monday . The company traded as high as $346.67 and last traded at $340.98. 728,823 shares were traded during mid-day trading, a decline of 79% from the average session volume of 3,460,021 shares. The stock had previously closed at $334.12.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Truist Financial increased their price objective on GE Vernova from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Raymond James downgraded GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Oppenheimer initiated coverage on GE Vernova in a research report on Thursday, September 26th. They set a “market perform” rating on the stock. HSBC restated a “hold” rating and set a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Finally, Wolfe Research initiated coverage on GE Vernova in a research report on Wednesday. They set an “outperform” rating and a $403.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $280.89.

GE Vernova Price Performance

The business has a 50-day moving average price of $299.20 and a 200 day moving average price of $223.75.

Hedge Funds Weigh In On GE Vernova

Hedge funds have recently added to or reduced their stakes in the company. Castleview Partners LLC purchased a new position in GE Vernova in the 3rd quarter worth approximately $28,000. Covestor Ltd raised its holdings in GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the last quarter. Darwin Wealth Management LLC purchased a new position in GE Vernova in the 3rd quarter worth approximately $31,000. Prestige Wealth Management Group LLC raised its holdings in GE Vernova by 175.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 77 shares during the last quarter. Finally, Planning Capital Management Corp raised its stake in GE Vernova by 1,000.0% during the 3rd quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock valued at $36,000 after buying an additional 130 shares during the last quarter.

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.