5 Best Auto Stocks To Buy Now

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1. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 75

General Motors Company (NYSE:GM) is a Michigan-based automaker that sells trucks, crossovers, cars, and automobile parts and accessories in North America, the Asia Pacific, the Middle East, Africa, South America, the United States, and China. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, and Wuling brands. General Motors Company (NYSE:GM) is one of the best auto stocks to invest in. 

On October 26, JPMorgan analyst Ryan Brinkman raised the price target on General Motors Company (NYSE:GM) to $59 from $58 and reiterated an Overweight rating on the shares following the Q3 beat. General Motors Company (NYSE:GM) reported another quarter of greater than expected total company EBIT and indicated robust execution amidst a wide variety of macroeconomic scenarios over the past few years, the analyst wrote in a research note.

Among the hedge funds tracked by Insider Monkey in Q2 2022, Warren Buffett’s Berkshire Hathaway was the leading stakeholder of General Motors Company (NYSE:GM), with 52.8 million shares worth $1.7 billion. Overall, 75 hedge funds were bullish on General Motors Company (NYSE:GM) at the end of June 2022. 

Here is what Diamond Hill Capital specifically said about General Motors Company (NYSE:GM) in its Q2 2022 investor letter:

“Auto manufacturer General Motors Company (NYSE:GM) was also among our bottom contributors in Q2. Rising interest rates and continued supply chain issues have increased uncertainty surrounding the auto industry, exerting downward pressure on stocks of auto makers. We continue to like GM’s focus on its most profitable market segments (SUV, crossovers, trucks) and believe the company’s heavy investments in autonomous capabilities will position it favorably as the secular movement towards autonomous vehicles continues.”

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