GM stock lost $2.90 of its trading price in the yearly time frame and at press time, it was trading at $32.58. In a week, General Motors Company stock declined over 2.86%, and 9.32% in the past three months.
General Motors Company (GM) Stock Price Analysis
In the 52 weeks time frame, GM stock price peaked at $43.63 and its lowest traded at $31.11. General Motors Company has a market capitalization of $44.827 Billion.
According to data from companiesmarketcap(dot)com, a steep decline in market cap of the company is seen in 2023 compared to that in 2022. Over the past few days General Motors stock price came under immense selling pressure.
GM stock has an annual price target of $49.37, the price target is 51.53% greater than its press time trading price. The MACD line intersected the signal line in the bear’s territory.
Market analysts believe that GM stock is showing signs of reversal in the coming session as histogram is reflecting buyers’ accumulation. The RSI line and RSI-based MA line are moving parallel to the border line of the bear’s region.
At the time of writing, GM stock price is below the 20,50,100 and 200 day exponential moving averages (EMA). TradingView data states that 1.371 Billion General Motors shares are free floating and remaining 0.34% shares are closely held.
General Motors Company (GM) Financial Updates
General Motors Company impressed investors with a 6.20% surprise in the reported revenue for Q2 2023. The reported EPS was 2.42% greater than the estimated EPS.
The estimated revenue for the third quarter of 2023 is $42.92 Billion and the EPS is $1.90. In the financial year 2022, the company reported $156.74 Billion in revenue. From the reported revenue of 2022, gross profit of General Motors Company was 20%, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was 14%, Earnings before interest and taxes (EBIT) was 7% and net income was 6%.
General Motors Co. engages in the designing, manufacturing, and selling of trucks, crossovers, cars, and automobile parts and in providing software-enabled services and subscriptions.
Technical Levels
Support Level: $32.35 & $32.16
Resistance Level: $32.78 & $33.04
Conclusion:
In the weekly time frame, GM stock lost 2.86% of its trading price due to immense selling pressure. However the MACD indicator suggests that General Motor Company stock is expected to show reversal from its nearest support.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/09/23/gm-stock-lost-4-22-ytd-seeking-reversal-from-nearest-support/