Harvest Fund Management Co. Ltd Grows Stock Position in Full Truck Alliance Co. Ltd. Sponsored ADR (NYSE:YMM)

Key Points

• Harvest Fund Management Co. Ltd increased its stake in Full Truck Alliance by 66.1%, owning approximately 0.06% of the company after purchasing an additional 249,788 shares during Q1.
• Other institutional investors also significantly boosted their positions in Full Truck Alliance, with FIL Ltd raising its holdings by 83.0% in the previous quarter.
• Analysts have varying ratings for Full Truck Alliance, with a consensus rating of "Moderate Buy" and an average target price of $15.00, despite recent downgrades by some firms.

Harvest Fund Management Co. Ltd grew its stake in Full Truck Alliance Co. Ltd. Sponsored ADR (NYSE:YMM - Free Report) by 66.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 627,958 shares of the company's stock after purchasing an additional 249,788 shares during the period. Harvest Fund Management Co. Ltd owned approximately 0.06% of Full Truck Alliance worth $8,019,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Full Truck Alliance by 6.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 24,146 shares of the company's stock worth $311,000 after acquiring an additional 1,406 shares during the period. QRG Capital Management Inc. purchased a new stake in Full Truck Alliance during the first quarter worth $315,000. Vanguard Group Inc. boosted its position in Full Truck Alliance by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 28,943,043 shares of the company's stock worth $313,164,000 after purchasing an additional 295,301 shares in the last quarter. Softbank Group CORP. boosted its position in Full Truck Alliance by 279.9% during the fourth quarter. Softbank Group CORP. now owns 4,220,001 shares of the company's stock worth $45,660,000 after purchasing an additional 3,109,250 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its stake in Full Truck Alliance by 20.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 20,408 shares of the company's stock valued at $221,000 after buying an additional 3,442 shares in the last quarter. Institutional investors and hedge funds own 39.02% of the company's stock.

Full Truck Alliance Stock Down 2.9%

Shares of YMM traded down $0.34 during trading hours on Wednesday, reaching $11.49. 12,530,697 shares of the company traded hands, compared to its average volume of 9,422,042. The stock has a market capitalization of $12.02 billion, a PE ratio of 22.98 and a beta of 0.20. Full Truck Alliance Co. Ltd. Sponsored ADR has a fifty-two week low of $6.66 and a fifty-two week high of $13.85. The stock has a fifty day simple moving average of $12.03 and a 200 day simple moving average of $11.91.

Analysts Set New Price Targets

YMM has been the topic of a number of recent research reports. Citigroup reduced their target price on Full Truck Alliance from $16.50 to $16.00 and set a "buy" rating on the stock in a research note on Thursday, May 22nd. JPMorgan Chase & Co. lowered 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 research note on Monday, April 14th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $15.00.

About Full Truck Alliance

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.