GE Vernova Inc. (NYSE:GEV) Short Interest Up 20.7% in August

GE Vernova Inc. (NYSE:GEV) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 4,670,000 shares, a growth of 20.7% from the August 15th total of 3,870,000 shares. Based on an average daily volume of 2,900,000 shares, the days-to-cover ratio is currently 1.6 days. Approximately 1.7% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

GEV has been the subject of several recent analyst reports. Barclays assumed coverage on shares of GE Vernova in a report on Monday. They issued an “overweight” rating and a $250.00 target price for the company. Morgan Stanley upped their price objective on GE Vernova from $220.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday. BMO Capital Markets initiated coverage on GE Vernova in a research note on Friday. They set an “outperform” rating and a $245.00 target price on the stock. Redburn Atlantic began coverage on GE Vernova in a research note on Tuesday, July 2nd. They issued a “neutral” rating and a $178.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price target on GE Vernova from $216.00 to $240.00 and gave the company an “overweight” rating in a report on Friday. Three analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $217.64.

GE Vernova Stock Performance

GE Vernova stock traded up $6.53 during trading on Tuesday, reaching $236.46. The company had a trading volume of 3,404,449 shares, compared to its average volume of 3,805,674. The business’s 50-day moving average is $183.00. GE Vernova has a 52 week low of $115.00 and a 52 week high of $240.00.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.69 by $0.02. The company had revenue of $8.20 billion during the quarter, compared to the consensus estimate of $8.42 billion. Analysts predict that GE Vernova will post 3.02 EPS for the current year.

Institutional Investors Weigh In On GE Vernova

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deseret Mutual Benefit Administrators bought a new stake in GE Vernova during the second quarter valued at about $25,000. Trifecta Capital Advisors LLC purchased a new stake in shares of GE Vernova during the second quarter worth about $25,000. Meeder Asset Management Inc. bought a new stake in GE Vernova during the 2nd quarter valued at approximately $25,000. Global Trust Asset Management LLC purchased a new position in GE Vernova in the 2nd quarter worth approximately $26,000. Finally, Timber Creek Capital Management LLC purchased a new position in GE Vernova in the 2nd quarter worth approximately $27,000.

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.