Envestnet Asset Management Inc. Purchases 30,845 Shares of Full Truck Alliance Co. Ltd. Sponsored ADR (NYSE:YMM)

Key Points

• Envestnet Asset Management Inc. increased its stake in Full Truck Alliance by 62.1%, owning 80,491 shares valued at approximately $1,028,000 as of its latest SEC filing.
• Full Truck Alliance stock recently fell 7.8% and is currently priced at $10.65 with a market cap of $11.14 billion.
• JPMorgan Chase downgraded Full Truck Alliance from "overweight" to "neutral," lowering their target price from $18.00 to $10.00.

Envestnet Asset Management Inc. lifted its holdings in shares of Full Truck Alliance Co. Ltd. Sponsored ADR (NYSE:YMM - Free Report) by 62.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 80,491 shares of the company's stock after purchasing an additional 30,845 shares during the period. Envestnet Asset Management Inc.'s holdings in Full Truck Alliance were worth $1,028,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in YMM. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Full Truck Alliance by 6.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,146 shares of the company's stock valued at $311,000 after purchasing an additional 1,406 shares in the last quarter. Bank of New York Mellon Corp increased its position in Full Truck Alliance by 1.9% during the first quarter. Bank of New York Mellon Corp now owns 85,106 shares of the company's stock worth $1,087,000 after buying an additional 1,577 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in Full Truck Alliance by 20.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 20,408 shares of the company's stock worth $221,000 after buying an additional 3,442 shares during the last quarter. LMR Partners LLP grew its position in shares of Full Truck Alliance by 25.4% in the fourth quarter. LMR Partners LLP now owns 27,881 shares of the company's stock valued at $302,000 after purchasing an additional 5,646 shares during the last quarter. Finally, WCM Investment Management LLC grew its position in shares of Full Truck Alliance by 39.2% in the first quarter. WCM Investment Management LLC now owns 27,035 shares of the company's stock valued at $349,000 after purchasing an additional 7,610 shares during the last quarter. 39.02% of the stock is owned by institutional investors and hedge funds.

Full Truck Alliance Price Performance

Shares of YMM traded down $0.90 during trading hours on Friday, hitting $10.65. The stock had a trading volume of 22,752,338 shares, compared to its average volume of 11,066,812. The firm has a 50 day simple moving average of $12.03 and a 200-day simple moving average of $11.92. The firm has a market capitalization of $11.14 billion, a P/E ratio of 21.30 and a beta of 0.20. Full Truck Alliance Co. Ltd. Sponsored ADR has a 1-year low of $6.66 and a 1-year high of $13.85.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on YMM shares. Citigroup cut their target price on Full Truck Alliance from $16.50 to $16.00 and set a "buy" rating for the company in a research note on Thursday, May 22nd. JPMorgan Chase & Co. downgraded Full Truck Alliance from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $18.00 to $10.00 in a report on Monday, April 14th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $15.00.

Full Truck Alliance Profile

Full Truck Alliance Co Ltd., together with its subsidiaries, operates a digital freight platform that connects shippers with truckers to facilitate shipments across distance ranges, cargo weights, and types in the People's Republic of China. The company offers freight matching services, such as freight listing and brokerage services; and online transaction services, as well as various value-added services, such as credit solutions, insurance brokerage, software solutions, electronic toll collection, and energy services.