Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two years. But there is no question some big-name stocks performed better than others since the pandemic bottom.
GE's Big Run Ride: One company that has been a solid investment in the past two years has been General Electric Co (NYSE:GE).
At the beginning of 2020, GE shares were trading around $11.20. By the beginning of March, the stock was trading at around the same level, even after news of COVID-19 spreading in China prompted concerns about a U.S. pandemic. On March 18, GE shares dropped all the way down to $5.90 in intraday trading. The stock ultimately hit its pandemic low of $5.48 on May 13, 2020, after the company said it was cutting 13,000 aviation jobs.
In October, GE investors were hit once again by the company’s legacy accounting issues when GE reported it had received a Wells notice from the SEC indicating the regulator may take civil action against the company related to an ongoing investigation into its power and insurance businesses. Fortunately, GE agreed to pay a $200 million fine to the SEC in December that officially ended all ongoing investigations.
In July 2021, GE completed a 1-for-8 reverse stock split to boost its share price back up above $100.
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GE In 2022, Beyond: The stock ultimately hit its post-pandemic high of $116.17 in November 2021, before pulling back to $94.62 today.
Still, investors who bought GE stock on the day it hit its pandemic low and held on have generated a nice return on their investment. In fact, $1,000 in GE stock bought on May 13, 2020, would be worth about $2,060 today, assuming reinvested dividends.
Looking ahead, analysts are expecting GE stock to gain more ground in the next 12 months. The average price target among the 16 analysts covering the stock is $116.50, suggesting 23% upside from current levels.
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