These 5 Stocks are Gaining Today

1. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 75

General Motors Company (NYSE:GM) shares extended their rally on Tuesday following its impressive delivery numbers for the third quarter. The Detroit-based automaker sold 555,580 vehicles in the September quarter, representing a jump of 24 percent over the comparable period of 2021.

Moreover, General Motors Company (NYSE:GM) also raised the production target of its Chevy Bolt EV and Bolt EUV for global markets. The company now intends to produce at least 70,000 units of the two models in 2023, compared to nearly 44,000 in 2022.

Meanwhile, General Motors Company (NYSE:GM) also appeared in the second-quarter 2022 investor letter of asset management firm Chartwell Investment Partners. Here’s what the firm said:

“The three worst-performing stocks in the Dividend Equity accounts includes General Motors (NYSE:GM, 2.4%), down 27.4%. GM posted solid first-quarter earnings, but, supply issues continue to be a headwind and the market appears to be “pricing-in” at least a mild recession. The question seems to be: by the time the supply constraints are resolved, will we be in a much-worse economic scenario that will “hit” the demand side?

After a couple quarters of higher-than-average trading, Q2 was extremely light in both the Growth & Balanced and Dividend Equity accounts (see below). After trimming GM earlier in the year at much higher price levels, we added back to the position. Now trading at $32 per share, GM’s P/E multiple on 2022 earnings estimates is below 5 times its annual earnings per share, which we think is very attractive and is already pricing-in at least a mild recession.”

You can also take a peek at 10 Best EV Materials Stocks To Buy and 10 Best Cyclical Stocks for Inflation.

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