5 Stocks that Best Performing Hedge Funds are Piling Into

3. General Motors Company (NYSE: GM)

Number of hedge fund holders: 86

Number of Hedge Funds Having Stakes in the Company Out of Top 100 Hedge Funds: 11

General Motors Company (NYSE: GM) is a Michigan-based carmaker founded in 1908. It is ranked third on our list of 13 stocks that best performing hedge funds are piling into. The stock has offered investors returns exceeding 104% over the course of the past twelve months. According to Insider Monkey calculations, eleven hedge funds out of the 100 best performing ones are bullish on General Motors. Some of the products the firm markets include cars, trucks, crossovers, and automobile parts. 

On May 5, General Motors Company (NYSE: GM) announced quarterly earnings results, posting earnings per share of $2.25 for the first three months of 2021, beating market predictions by $1.20. The revenue for the first quarter of 2021 was $32.4 billion, down 0.7% year-on-year. 

Out of the hedge funds being tracked by Insider Monkey, Nebraska-based investment firm Berkshire Hathaway is a leading shareholder in the firm with 67 million shares worth more than $3.8 billion. 

Junto Investments, in its Q4 2020 investor letter, mentioned General Motors Company (NYSE: GM). Here is what the fund has to say in its letter:

“General Motors was the biggest gainer. We managed to buy it at a screamingly cheap price in the middle of March. A lot of interesting news has emerged about GM recently, including the new electric product delivery system BrightDrop and GM Cruise’s team-up with Microsoft Azure to commercialize self-driving cars in 2021. GM’s intrinsic value is crystallizing and the company is worth a whole lot more than is still reflected in the market.”