Full Truck Alliance (NYSE:YMM) Shares Gap Down - Here's What Happened

Key Points

• Full Truck Alliance shares gapped down from $11.55 to open at $10.65, closing at $10.73 with significant trading volume of 3,817,996 shares.
• Analysts have downgraded the stock's rating, with JPMorgan reducing its price target from $18.00 to $10.00, while Citigroup set a buy rating with a target of $16.00.
• Institutional investors hold 39.02% of Full Truck Alliance's stock, with notable increases in holdings from firms such as Mirae Asset Global Investments and Bank of New York Mellon Corp.

Full Truck Alliance Co. Ltd. Sponsored ADR (NYSE:YMM - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $11.55, but opened at $10.65. Full Truck Alliance shares last traded at $10.73, with a volume of 3,817,996 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on YMM. JPMorgan Chase & Co. downgraded Full Truck Alliance from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $18.00 to $10.00 in a research report on Monday, April 14th. Citigroup reduced their price target on Full Truck Alliance from $16.50 to $16.00 and set a "buy" rating for the company in a research report on Thursday, May 22nd. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.00.

Full Truck Alliance Price Performance

The stock has a fifty day simple moving average of $12.04 and a two-hundred day simple moving average of $11.91. The firm has a market capitalization of $11.27 billion, a P/E ratio of 21.53 and a beta of 0.20.

Institutional Trading of Full Truck Alliance

Several large investors have recently modified their holdings of YMM. Mirae Asset Global Investments Co. Ltd. grew its stake in 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 worth $311,000 after purchasing an additional 1,406 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Full Truck Alliance by 1.9% during the 1st quarter. Bank of New York Mellon Corp now owns 85,106 shares of the company's stock valued at $1,087,000 after purchasing an additional 1,577 shares during the last quarter. Brooklyn Investment Group raised its stake in Full Truck Alliance by 495.4% in the 1st quarter. Brooklyn Investment Group now owns 2,459 shares of the company's stock worth $31,000 after acquiring an additional 2,046 shares during the last quarter. Atlas Capital Advisors Inc. purchased a new position in Full Truck Alliance in the 1st quarter worth $29,000. Finally, US Bancorp DE purchased a new position in shares of Full Truck Alliance during the 1st quarter valued at about $40,000. Institutional investors own 39.02% of the company's stock.

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.

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