Russell Investments Group Ltd. Invests $4.77 Million in Full Truck Alliance Co. Ltd. Sponsored ADR $YMM

Key Points

• Russell Investments Group Ltd. has acquired a $4.77 million position in Full Truck Alliance Co. Ltd., purchasing 373,531 shares in the first quarter.
• Institutional ownership in Full Truck Alliance is at 39.02%, with several investors, including Mirae Asset Global Investments and Bank of New York Mellon, increasing their stakes.
• Citigroup has adjusted its price target for Full Truck Alliance from $16.50 to $16.00 but maintains a "buy" rating, with an average price target of $15.00 from analysts.

Russell Investments Group Ltd. purchased a new stake in shares of Full Truck Alliance Co. Ltd. Sponsored ADR (NYSE:YMM - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 373,531 shares of the company's stock, valued at approximately $4,770,000.

A number of other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in Full Truck Alliance by 16.2% during the 4th quarter. Geode Capital Management LLC now owns 137,631 shares of the company's stock valued at $1,489,000 after acquiring an additional 19,227 shares during the last quarter. Envestnet Asset Management Inc. bought a new stake in Full Truck Alliance in the 4th quarter valued at about $537,000. Townsquare Capital LLC bought a new stake in Full Truck Alliance in the 4th quarter valued at about $111,000. Mariner LLC lifted its position in Full Truck Alliance by 140.1% in the 4th quarter. Mariner LLC now owns 54,432 shares of the company's stock valued at $589,000 after purchasing an additional 31,757 shares during the last quarter. Finally, First Trust Advisors LP bought a new stake in Full Truck Alliance in the 4th quarter valued at about $752,000. 39.02% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Citigroup cut their price objective on shares of Full Truck Alliance from $16.50 to $16.00 and set a "buy" rating on the stock in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

Full Truck Alliance Price Performance

Shares of YMM traded down $0.24 during mid-day trading on Wednesday, hitting $12.70. The company's stock had a trading volume of 10,805,978 shares, compared to its average volume of 14,652,867. The firm has a 50-day moving average price of $11.88 and a 200 day moving average price of $11.93. The stock has a market capitalization of $13.28 billion, a price-to-earnings ratio of 22.68 and a beta of 0.20. Full Truck Alliance Co. Ltd. Sponsored ADR has a fifty-two week low of $6.85 and a fifty-two week high of $13.85.

Full Truck Alliance Cuts Dividend

The firm also recently disclosed an annual dividend, which will be paid on Monday, October 27th. Stockholders of record on Monday, October 13th will be paid a $0.096 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a dividend yield of 60.0%. Full Truck Alliance's payout ratio is currently 28.57%.

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.