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Update 1615 ET: Stock closing price
General Motors (NYSE:GM) shares tracked gains for its seven consecutive sessions on Friday, jumping about 12% between Jan. 25–Feb. 02.
The automaker inched 0.09% higher to $38.91 by Friday closing, hovering near its late July 2023 highs. On a 12-month basis, GM shares have dropped about 6.24%. Currently, the short interest in the company stands at about 9.62%.
Earlier in the week, GM posted a 54% drop in its EBIT-adjusted for the fourth quarter. However, its shares rose after the Detroit-based company set a stronger profit outlook for 2024 than anticipated.
Looking at Seeking Alpha’s Quant ratings, GM had a Strong Buy rating with a near-perfect score of 4.99 out of 5. The company received an A+ for profitability and a B+ for its growth prospects. Its valuation was also graded B+ compared to a B- three months ago.
Turning to the Wall Street community, about 18 sell-side analysts surveyed in the last 90 days rated NVDA as a Buy or higher. Meanwhile, another seven analysts rated the company as a Hold. One analyst rated GM as a Strong Sell.
Seeking Alpha analysts generally saw GM as a Hold. SA Analyst Cavenagh Research endorsed the company as a Strong Buy, commenting, “General Motors stock is currently trading ridiculously, valued at about 0.3x FY 2024 sales and less than 3x projected FY 2024 cash flows.”
“Concerns about EV disruption risk in the automotive industry are likely exaggerated, while major OEMs like GM are well-positioned to cater to evolving consumer preferences,” the analyst added.
Image and article originally from seekingalpha.com. Read the original article here.