General Motors snaps seven straight sessions of gains

Shares of General Motors (NYSE:GM) are marginally up 0.20% on Thursday midday trading after rallying for the past thirteen trading sessions, where shares climbed overall 17% from the bottom of $38.96 to a high of $46.97.

YTD the GM stock rallied 29.5%, while the S&P 500 was up 17.6% while the Dow Jones Industrial Average climbed just 7.8%.

Over the year, the stock jumped 41.7% so far, compared to the nearly 27.2% rise in the broader S&P 500 Index.

GM is down 5.89% over the past one month. The stock closed 0.17% lower on Thursday at $46.49.

Looking at Seeking Alpha’s Quant rating, GM has a score of 4.93 out of 5. The company received A+ in the prospect of profitability, while it got an A in valuation and growth factors.

Turning to the Wall Street community, almost 13 analysts gave GM a Strong Buy while 6 stood with Buy whereas, 8 of them gave the stock a Hold recommendation, and just 2 were on the short side.

Seeking Alpha analysts also see the stock as a Buy.

Thanks to the incremental scaling up of production, improved assembly efficiency, and the lower cost of EV batteries due to the effect of scale at the Ultium Cells plant, GM expects to achieve variable profit in EV production in 4Q 2024.

The Co. is raising the forecast for GM’s revenue from $177.7 bln (+3% y/y) to $186.6 bln (+9% y/y) for 2024, and from $192.5 bln (+8% y/y) to $200.7 bln (+8% y/y) for 2025 on the back of a higher estimate for GM’s car sales in 2024 and 2025, although it was partially offset by the reduction of the forecast for the average selling price from $43.4 thousand to $43.3 thousand for 2024, and from $44.2 thousand to $43.5 thousand for 2025.