Full Truck Alliance (NYSE:YMM) Trading Down 3.2% - Here's Why

Full Truck Alliance Co. Ltd. Sponsored ADR (NYSE:YMM - Get Free Report)'s stock price traded down 3.2% during mid-day trading on Thursday . The company traded as low as $11.68 and last traded at $11.69. 2,711,265 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 8,746,673 shares. The stock had previously closed at $12.07.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Hsbc Global Res raised shares of Full Truck Alliance to a "strong-buy" rating in a report on Wednesday, February 26th. HSBC assumed coverage on Full Truck Alliance in a research note on Wednesday, February 26th. They set a "buy" rating and a $18.00 price objective for the company. Industrial Alliance Securities set a $18.00 price target on shares of Full Truck Alliance in a report on Thursday, March 6th. JPMorgan Chase & Co. cut shares of Full Truck Alliance from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $18.00 to $10.00 in a research report on Monday, April 14th. Finally, Citigroup lowered their price objective on shares of 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. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $15.00.

Full Truck Alliance Stock Performance

The stock has a 50-day simple moving average of $11.76 and a two-hundred day simple moving average of $11.71. The firm has a market cap of $12.25 billion, a PE ratio of 23.43 and a beta of 0.20.

Hedge Funds Weigh In On Full Truck Alliance

A number of institutional investors and hedge funds have recently modified their holdings of the company. Atlas Capital Advisors Inc. bought a new stake in shares of Full Truck Alliance during the 1st quarter valued at about $29,000. Brooklyn Investment Group boosted its holdings in shares of Full Truck Alliance by 495.4% in the first quarter. Brooklyn Investment Group now owns 2,459 shares of the company's stock worth $31,000 after buying an additional 2,046 shares during the last quarter. US Bancorp DE bought a new stake in Full Truck Alliance during the first quarter valued at approximately $40,000. Summit Securities Group LLC increased its holdings in Full Truck Alliance by 1,466.6% during the first quarter. Summit Securities Group LLC now owns 5,013 shares of the company's stock valued at $64,000 after buying an additional 4,693 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in Full Truck Alliance in the fourth quarter worth approximately $64,000. 39.02% of the stock is currently owned by hedge funds and other institutional investors.

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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