10 Best Affordable Stocks To Buy Right Now

4. General Motors Company (NYSE:GM)

Forward P/E Ratio as of September 16: 4.78

Number of Hedge Fund Holders: 72

General Motors Company (NYSE:GM), known for producing trucks, crossovers, cars, and automotive parts, is actively advancing its electric vehicle (EV) strategy. In Q2 alone, GM delivered 22,000 EVs, reflecting a 40% year-over-year increase and boosting its market share by 2.2% compared to the previous year.

RBC Capital recently revised its price target for GM stock, lowering it from $58.00 to $54.00, while maintaining an Outperform rating. This adjustment came after a quarterly conference call, where RBC revised its expectations for GM’s pricing and product mix through 2025. The firm emphasized that GM’s strategy for returning capital to shareholders sets it apart from competitors, contributing to RBC’s positive outlook. Additionally, GM’s inventory position is reportedly stronger than its peers, giving it a potential edge, especially as it considers lowering its battery electric vehicle (BEV) targets for the second half of 2024.

In a notable move, General Motors Company (NYSE:GM) recently partnered with Samsung SDI to establish a joint EV battery plant in the U.S., expanding its battery production capacity. Furthermore, GM is collaborating with Uber Technologies to offer autonomous vehicles from its Cruise division, with customer availability expected by FY25.

As of Q2, 72 hedge funds held long positions in General Motors Company (NYSE:GM), with a combined stake value of $4.1 billion. Natixis Global Asset Management came in as the largest stakeholder with a stake worth $1.59 billion.