General Motors Company (NYSE:GM) on Wednesday unveiled the 2017 Chevrolet Bolt at CES 2016 in Las Vegas, to the awe of many on hand. While other electric vehicles have already gain traction, particularly those from Tesla (NASDAQ:TSLA), Chevy apparently has been quitely working on their own “next generation” electric vehicle.
General Motors’ (NYSE:GM) 2017 Chevy Bolt will come to market sometime in late 2016, and it will feature a battery that can handle 200 miles per charge. And if the battery runs low, it only take approximately 30 minutes to refill it to 80 percent. While the car is not as fancy or perhaps as high quality as those manufactured by Tesla, this vehicle will probably be priced just under $30,000 (after the $7,500 federal tax credit), making it more in the price range for everday people.
Also, what experts say is impressive about the Bolt is the way that General Motors Company (NYSE:GM) designed it to include plenty of space, both for leg room and storage.
GM stock is down 4.35% or $1.36 following the news, hitting $29.91 per share. About 15.24M shares traded hands or 32.41% up from the average. GM has declined 12.99% since June 3, 2015 and is downtrending. It has underperformed the S&P500 by 7.14%.
From a total of 10 analysts covering General Motors Company (NYSE:GM) stock, 5 rate it a “Buy”, 1 a “Sell”, and 4 a “Hold”. This means that 50% of the ratings are positive. The highest target price is $57 while the lowest target price is $33. The mean of all analyst targets is $41.68 which is 39.35% above today’s ($29.91) stock price. General Motors Company was the topic of 21 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. UBS maintained shares on October 22 with a “Buy” rating. Vetr upgraded shares to a”Hold” rating and a $34.50 target share price in their report from an August 11. Deutsche Bank maintained GM stock in a recent report from October 14 with a “Hold” rating. Credit Suisse upgraded the rating on July 24. Credit Suisse has a “Neutral” rating and a $33 price target on shares. Finally, Citigroup maintained the stock with a “Buy” rating in a report they issued on a September 2.
The institutional sentiment increased to 1.3 in Q2 2015. It’s up 0.15, from 1.15 in 2015Q2. The ratio is positive, as 112 funds sold all their General Motors Company shares they owned while 240 reduced their positions. 93 funds bought stakes while 365 increased their total positions. Institutions now own 1.16 billion shares which is 1.23% less than the previous share count of 1.18 billion in 2015Q2.
Oldfield Partners Llp holds 16.36% of its total portfolio in General Motors Company, equating to 7.59 million shares. Moon Capital Management Lp owns 881,087 shares representing 15.54% of their total US portfolio. Moreover, Appaloosa Management Lp has 13.51% of their total portfolio invested in the company, equating to 12.89 million shares. The New York-based Litespeed Management L.L.C. has a total of 11.29% of their portfolio invested in the stock. Peconic Partners Llc, a New York-based fund reported 2.08 million shares owned.
General Motors Company designs, manufactures and sells cars, trucks and automobile parts across the world. The company has a market cap of $48.08 billion. The Firm also provides automotive financing services through General Motors Financial Company, Inc. (GM Financial). It has 10.94 P/E ratio. The Company’s four automotive divisions include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO) and GM South America (GMSA).