GE Vernova (NYSE:GEV) Trading Up 4.7% – Time to Buy?

GE Vernova Inc. (NYSE:GEV)’s stock price rose 4.7% on Wednesday . The company traded as high as $343.64 and last traded at $339.05. Approximately 1,319,840 shares changed hands during trading, a decline of 63% from the average daily volume of 3,524,327 shares. The stock had previously closed at $323.71.

Analysts Set New Price Targets

GEV has been the subject of a number of research analyst reports. Truist Financial increased their price objective on shares of GE Vernova from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. The Goldman Sachs Group boosted their target price on shares of GE Vernova from $220.00 to $308.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Bank of America boosted their price target on shares of GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. HSBC reissued a “hold” rating and issued a $255.00 price target (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Finally, Royal Bank of Canada upped their target price on shares of GE Vernova from $262.00 to $285.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $261.40.

GE Vernova Stock Performance

The firm’s 50 day moving average is $265.64 and its 200-day moving average is $205.53.

Hedge Funds Weigh In On GE Vernova

A number of large investors have recently bought and sold shares of the stock. FMR LLC raised its stake in GE Vernova by 2.5% during the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after purchasing an additional 584,208 shares during the period. Newport Trust Company LLC purchased a new position in GE Vernova during the second quarter worth approximately $650,140,000. Bank of New York Mellon Corp purchased a new position in GE Vernova during the second quarter worth approximately $537,674,000. Price T Rowe Associates Inc. MD purchased a new position in GE Vernova during the first quarter worth approximately $367,474,000. Finally, WCM Investment Management LLC raised its stake in shares of GE Vernova by 83.1% in the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after acquiring an additional 1,161,901 shares during the period.

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.