Full Truck Alliance Co. Ltd. Sponsored ADR (NYSE:YMM) Sees Significant Increase in Short Interest

Key Points

• Short interest in Full Truck Alliance surged by 127.0% in July, reaching a total of 22,040,000 shares, indicating growing bearish sentiment among investors.
• Several institutional investors increased their stakes significantly, with FIL Ltd expanding its holdings by 83.0% in the most recent quarter.
• Analysts have mixed views on the stock, with a consensus rating of "Moderate Buy" and an average target price of $15.00, despite Citigroup and JPMorgan recently adjusting their price targets downward.

Full Truck Alliance Co. Ltd. Sponsored ADR (NYSE:YMM - Get Free Report) saw a significant increase in short interest in the month of July. As of July 15th, there was short interest totaling 22,040,000 shares, anincreaseof127.0% from the June 30th total of 9,710,000 shares. Approximately2.5% of the company's shares are short sold. Based on an average daily volume of 7,000,000 shares, the short-interest ratio is currently 3.1 days. Based on an average daily volume of 7,000,000 shares, the short-interest ratio is currently 3.1 days. Approximately2.5% of the company's shares are short sold.

Full Truck Alliance Trading Down 2.5%

NYSE:YMM traded down $0.29 during mid-day trading on Friday, reaching $11.34. The company's stock had a trading volume of 13,832,621 shares, compared to its average volume of 13,231,091. Full Truck Alliance has a 12-month low of $6.85 and a 12-month high of $13.85. The stock has a market cap of $11.86 billion, a P/E ratio of 22.68 and a beta of 0.20. The firm's fifty day moving average price is $11.98 and its two-hundred day moving average price is $11.92.

Hedge Funds Weigh In On Full Truck Alliance

A number of institutional investors and hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its position 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 buying an additional 1,406 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Full Truck Alliance by 1.9% in the 1st quarter. Bank of New York Mellon Corp now owns 85,106 shares of the company's stock worth $1,087,000 after purchasing an additional 1,577 shares during the period. Brooklyn Investment Group raised its position in shares of Full Truck Alliance by 495.4% during the first quarter. Brooklyn Investment Group now owns 2,459 shares of the company's stock valued at $31,000 after buying an additional 2,046 shares during the last quarter. Atlas Capital Advisors Inc. purchased a new position in shares of Full Truck Alliance in the first quarter worth $29,000. Finally, US Bancorp DE bought a new position in shares of Full Truck Alliance during the first quarter worth $40,000. 39.02% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

YMM has been the subject of several research analyst reports. Citigroup dropped their price objective on Full Truck Alliance from $16.50 to $16.00 and set a "buy" rating for the company in a report on Thursday, May 22nd. JPMorgan Chase & Co. lowered shares of Full Truck Alliance from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $18.00 to $10.00 in a report on Monday, April 14th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.