Reddit’s WallStreetBets is Buying these 5 Stocks for Post-Earnings Gains

3. General Motors Company (NYSE: GM)

Number of Hedge Fund Holders: 86   

Expected Earnings Date: August 4 (Before Market Open)

General Motors Company (NYSE: GM) is a Michigan-based company that makes and sells cars. It is placed third on our list of 10 stocks Reddit’s WallStreetBets is buying for post-earnings gains. The company will release earnings for the second quarter before the opening of the market on August 4. On July 19, the firm announced that it was working on the development of another electric pickup truck in addition to an upcoming release of the electric GMC Hummer.

On July 16, investment advisory Bank of America reiterated a Buy rating on General Motors Company (NYSE: GM) stock and raised the price target to $90 from $80, backing the firm to beat market expectations on earnings in the second quarter. 

Out of the hedge funds being tracked by Insider Monkey, Nebraska-based investment firm Berkshire Hathaway is a leading shareholder in General Motors Company (NYSE: GM) 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 about General Motors Company 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.”