Here’s why GM Stock rose 5.5% on Tuesday

General Motors Co. Stock (NYSE: Chief Executive Officer) closed nearly 5.5% higher on Tuesday after the company unveiled its 2024 electric Chevrolet Blazer. electrical performance SS, RS, 2LT and 1LT.

The electric vehicle is expected to be available next year, with pricing between $45,000 and $66,000.

Chevrolet Vice President Scott Bell said, “In addition to the all-new Silverado EV and Equinox EV coming next year, we’re making great strides in offering more choices for zero tailpipe emissions vehicles. – choices that make switching to an EV easier than ever.

The automaker will manufacture the new Chevrolet Blazer EV at its plant in the Mexican city of Ramos Arizpe. He began taking online reservations for the vehicle for a $100 deposit.

Meanwhile, the US military awarded a contract to GM Defense, a subsidiary of General Motors, to provide an EV battery for analysis and demonstration. The company plans to supply the GMC HUMMER EV pickup to the military to reduce reliance on fossil fuels in garrisons and operational environments.

GM stock has more than 54% upside potential

On TipRanks, the stock has a moderate buy consensus rating based on 11 buys, three holds and one sell. GM’s average price target of $53 reflects upside potential of 54.1% from current levels. Shares of the company have lost 38.7% over the past year.

Hedge funds are positive on GM

TipRanks’ Hedge Fund Trading Activity Tool shows that confidence in GM is currently positive, as the cumulative change in holdings in the 25 hedge funds that were active over the past quarter was a 2.3 increase. million shares.

What’s next for GM?

The Detroit-based auto giant is expected to release its second-quarter results next week. The Street expects the company to post earnings of $1.32 per share, up from $1.97 per share last year. In the first quarter, EPS fell 7.1% year-over-year to $2.09, beating analysts’ expectations of $1.65.

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