GE Vernova Stock Sees 1.9% Increase Following Analyst Upgrade

On December 7, 2024, shares of GE Vernova Inc. (NYSE:GEV) rose by 1.9% after Barclays upgraded the stock's price target from $320.00 to an impressive $420.00. This upgrade contributed to increased investor confidence, and as a result, GE Vernova's stock was observed trading as high as $350.50 before settling at $350.26. During the trading session, approximately 496,100 shares exchanged hands, marking a significant drop of 86% from the stock’s average daily volume, which stands at 3,438,550 shares. The previous closing price for the stock was $343.75.

Aside from Barclays, GE Vernova has been mentioned in multiple research reports recently. For instance, William Blair initiated coverage on the company on August 29, 2024, providing an “outperform” rating. Similarly, Jefferies Financial Group raised their price target from $293.00 to $336.00 on October 18, providing a “buy” rating in the same report. Morgan Stanley also increased their price objective on GE Vernova, moving it from $301.00 to $367.00, classifying the company with an “overweight” rating on November 15. In addition, Truist Financial and Evercore ISI both mentioned price target increases, with Truist raising it from $300.00 to $325.00 and Evercore from $300.00 to $323.00; both agreeing on an “outperform” rating. Currently, market analysis shows that seven analysts have given the stock a hold rating, while twenty analysts have recommended it as a buy, and one has issued a strong buy rating. According to MarketBeat data, GE Vernova has a consensus rating of “Moderate Buy” with a price target average of $294.19.

Recent Activity Among Institutional Investors

Various institutional investors have been actively buying and selling shares of GE Vernova in recent months. For instance, during the third quarter, Mountaineer Partners Management LLC acquired a substantial stake worth approximately $2.51 billion. Other notable acquisitions include Newport Trust Company, which bought a stake valued at around $650.14 million, and Bank of New York Mellon Corp, which acquired shares worth about $537.67 million. Additionally, Marshall Wace LLP and Legal & General Group Plc purchased stakes estimated at $399.77 million and $293.70 million, respectively, during the second quarter.

Stock Performance Overview

In terms of stock performance, GE Vernova currently has a fifty-day simple moving average of $302.91, and a two-hundred-day simple moving average of $225.45, indicating its recent upward trend.

Overview of GE Vernova

GE Vernova LLC is a prominent energy business focused on electricity generation. The company operates across three segments: Power, Wind, and Electrification. The Power segment handles the generation and sale of electricity derived from hydro, gas, nuclear, and steam power sources. The Wind segment is involved in manufacturing and selling wind turbine blades, while the Electrification segment offers solutions for grid management, power conversion, solar applications, and energy storage.

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