General Motors Company (GM) Unveils ‘Maven,’ A Car Sharing Service

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General Motors Company (NYSE:GM) today unveiled a new platform for car sharing called Maven. As the automobile space continues it’s rapid transformation and with services such as Uber and Lyft (GM has recently invested $500 into this company) expanding quickly, General Motors Company (NYSE:GM) seems to understand that they too must innovate and prepare for a future that’s alien to today’s world.

Maven is first being rolled out at the University of Michigan, where students and faculty are able to rent a vehicle and then unlock it all on their smartphone. The vehicles, which will all be manufactured by General Motors Company (NYSE:GM), will be situated in 21 different areas within the campus.

“With the launch of our car-sharing service through Maven, the strategic alliance with ride-sharing company Lyft and building on our decades of leadership in vehicle connectivity through OnStar, we are uniquely positioned to provide the high level of personalized mobility services our customers expect,” GM President Dan Ammann said.

The stock is up 0.07% or $0.02 following the news, hitting $29.44 per share. About 9.45M shares traded hands. GM has declined 17.38% since June 16, 2015 and is downtrending. It has underperformed the S&P500 by 8.51%.

From a total of 10 analysts covering General Motors Company (NYSE:GM) stock, 6 rate it a “Buy”, 1 a “Sell”, and 3 a “Hold”. This means that 60% 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 $42.14 which is 43.14% above today’s ($29.44) stock price. General Motors Company was the topic of 22 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. Credit Suisse upgraded shares on January 11 to a “Outperform” rating. Vetr upgraded shares to a”Hold” rating and a $34.50 target share price in their report from an August 11. RBC Capital Markets maintained GM stock in a recent report from October 22 with a “Sector Perform” rating. Finally, S&P Research maintained the stock with a “Strong Buy” rating in a report they issued on a September 18.

The institutional sentiment increased to 1.3 in Q2 2015. It’s up 0.15, from 1.15 in 2015Q2. The ratio increased, 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 $45.60 billion. The Firm also provides automotive financing services through General Motors Financial Company, Inc. (GM Financial). It has 10.77 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).

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