5 Stocks Under $50 To Buy Now

3. General Motors Company (NYSE:GM)

Share Price as of November 23: $28.27

Number of Hedge Fund Holders: 66

General Motors Company (NYSE:GM) is a leading multinational automotive company focused on manufacturing and sale of trucks, crossovers, cars and automobile parts and accessories across the globe. Major brands such as Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, and Wuling fall under its wings.

General Motors Company (NYSE:GM) posted a strong quarterly performance in Q3 2023. Its revenue increased by 5% y-o-y to $44.1 billion while net income decreased by 7% y-o-y to $3.1 billion. It managed to beat consensus estimates for EPS by $0.37 with quarterly figures of $2.20.

Following the earnings release, RBC Capital analyst Tom Narayan raised the price target for General Motors Company (NYSE:GM) shares to $48 from $47 and maintained an ‘Outperform’ rating. The target price represents a potential upside of 69.79%, based on the share price on November 23.

General Motors Company (NYSE:GM) ranks 3rd on our list of stocks under $50 to buy now. The shares of the company were owned by 66 hedge funds with a total value of $2.0 billion according to the Insider Monkey database. Harris Associates was the largest hedge fund shareholder with ownership of 35.5 million shares valued at $1.2 billion.