5 Best Auto Stocks to Invest In

1. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 86

General Motors Company (NYSE:GM) is a multinational automotive corporation that designs and manufactures automobiles, through the multiple brands the company owns, including Chevrolet, GMC and Cadillac. The Michigan-based company has a market capitalization of $77.13 billion, and is ranked first on the list of the 11 best auto stocks to invest in.

At the end of the second quarter of 2021, 86 hedge funds in the database of Insider Monkey held stakes worth $7.41 billion in General Motors Company (NYSE:GM). The number of hedge funds that held stakes in the automotive manufacturing company remained the same for the first and second quarters of 2021.

On August 4, General Motors Company (NYSE:GM) issued its quarterly earnings report for the second quarter of 2021, with reported earnings per share at $1.97, crossing estimates by $0.14. Additionally, the company reported revenues at $34.17 billion, an increase of 103.64% on a year-over-year basis, surpassing predicted revenues by $4.49 billion.

On September 26, Goldman Sachs analyst Mark Delaney lowered the firm’s price target on General Motors Company (NYSE:GM) to $59 from $62 but kept a Buy rating on the shares.

Junto Investments, in its Q4 2020 investor letter, stated that the value of General Motors Company (NYSE:GM) is far greater than is reflected on the markets. Here is what the fund had to say:

“General Motors was the biggest gainer. We managed to buy it at a screamingly cheap price in the middle of March. A lot of interesting news has emerged about GM recently, including the new electric product delivery system BrightDrop and GM Cruise’s team-up with Microsoft Azure to commercialize self-driving cars in 2021. GM’s intrinsic value is crystallizing and the company is worth a whole lot more than is still reflected in the market.”

You can also take a peek at 12 Best Big Tech Stocks to Buy Right Now and 10 Stocks That Just Received Sell Rating from Analysts.

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