What's Going On With General Motors Stock?
General Motors Company (NYSE:GM) shares are rising Wednesday after a new investment in a Canadian assembly facility.
- General Motors stock is moving in positive territory. What’s driving GM shares up?
GM Invests In Next-Gen Truck Production
General Motors is investing an additional $63 million to enhance its stamping operations at the Oshawa Assembly plant in Canada. This move is part of a broader $1.5 billion investment strategy initiated since 2020, aimed at bolstering GM’s full-size truck portfolio.
The Oshawa facility, pivotal in GM’s manufacturing footprint, now gears up for the next generation of gas-powered full-size pickups. This strategic enhancement not only prepares GM for future product demands but also strengthens its service parts business.
GM Stock Trades Above Averages
Over the past year, GM has shown a robust performance with a 73.20% increase, significantly outpacing its 200-day SMA by 32.2%. Currently, the stock is trading 1.3% above its 20-day SMA and 13.2% above its 100-day SMA, indicating sustained bullish momentum.
The RSI stands at 48.35, suggesting a neutral market sentiment, while the MACD presents a bearish signal, with the MACD line below the signal line. This divergence might indicate potential short-term volatility or a consolidation phase following recent gains.
Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $92.42. Recent analyst moves include:
- Benchmark: Buy (Raises Target to $90.00) (Feb. 10)
- Jefferies: Hold (Raises Target to $97.00) (Feb. 2)
- Evercore ISI Group: Outperform (Raises Target to $95.00) (Feb. 2)
Top ETF Exposure
- iShares MSCI USA Value Factor ETF (BATS:VLUE): 3.94% Weight
- Invesco BuyBack Achievers ETF (NASDAQ:PKW): 3.62% Weight
- SEI Enhanced US Large Cap Value Factor ETF (NASDAQ:SEIV): 2.80% Weight
Significance: Because GM carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
GM Shares Move Higher Wednesday
GM Price Action: General Motors shares were up 2.91% at $83.58 at the time of publication on Wednesday, according to Benzinga Pro data.
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