General Motors Company stock is hot: having set a new record last week, the automaker’s shares hit a new 52-week and all-time high today – increasing over 2 percent in value to $46.11 in day trading, before closing at $45.88.
The new value gives GM a market capitalization of $66.86 billion at a P/E ratio of 7.27.
By comparison, GM’s initial public offering in November 2010 hit the market at the $33 per share set price.
A big part of Wall Street’s newly-bullish position on GM seems to be based on the realization that the automaker is very advanced in terms of the electrification and autonomy of its vehicles. By comparison, other major automakers appear to be well behind The General’s efforts in the two areas that promise to transform traditional automotive transportation.
In discussing GM’s efforts in new energy vehicles and automation, The Street’s Jim Cramer was quoted as saying on CNBC’s Mad Dash segment that “Ford really got left behind”. He also noted that it could be possible that General Motors has more of an edge on Tesla than many investors currently realize, concluding that Tesla continues to be a cult stock, rather than one based on actual financial performance.