GE Stock News: General Electric Company falls despite securing another international contract

NYSE:GE has seen a dynamic shift in retail investor sentiment over the past year, as the executive group led by CEO Lawrence Culp have worked hard to reverse the direction of the industrial conglomerate. On Monday, General Electric fell by 0.31% to close the trading session at $12.95 amidst another shaky day for the broader markets. Things have been choppy for General Electric since the calendar flipped to 2021, and although the stock is still trading above its 50-day and 200-day moving averages, shares have been on a downwards trajectory since numerous Wall Street analyst downgrades earlier this month. 

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General Electric was a large part of an institutional investing firm’s success in the fourth quarter of 2020, as Longleaf Global Partners Fund revealed it had taken a significant position with GE’s stock. The fund revealed that General Electric was one of the two best performers of its holdings, after more than doubling off of its March 2020 lows of $5.48. Despite some recent bearish outlooks from Wall Street analysts, Longleaf Global Partners are confident that General Electric can continue to perform well as the global economy slowly reopens following the COVID-19 pandemic.

GE Stock chart

General Electric also announced on Monday that it had secured another international contract through its Grid Solutions arm in Nepal. The agreement will allow General Electric to upgrade three gas-insulated substations, from 220 kilovolts to 400 kilovolts. This is welcome news for GE who had struggled in both its aviation and grid solutions branches throughout the COVID-19 pandemic, but recent deals from both arms should have shareholders feeling optimistic.