Full Truck Alliance (NYSE:YMM) Trading Up 5.3% – Here’s Why

Full Truck Alliance Co. Ltd. (NYSE:YMM)’s share price shot up 5.3% during trading on Tuesday . The stock traded as high as $11.30 and last traded at $11.23. 2,522,515 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 5,663,862 shares. The stock had previously closed at $10.66.

Analysts Set New Price Targets

Several brokerages have recently commented on YMM. JPMorgan Chase & Co. cut Full Truck Alliance from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $12.00 to $13.00 in a research report on Wednesday, December 11th. Citigroup lifted their price objective on Full Truck Alliance from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th.

Full Truck Alliance Stock Up 4.4 %

The business has a 50-day simple moving average of $10.23 and a two-hundred day simple moving average of $8.84. The company has a market cap of $11.73 billion, a price-to-earnings ratio of 26.50 and a beta of 0.25.

Hedge Funds Weigh In On Full Truck Alliance

A number of institutional investors have recently made changes to their positions in YMM. Blue Trust Inc. increased its stake in shares of Full Truck Alliance by 109.5% in the third quarter. Blue Trust Inc. now owns 9,999 shares of the company’s stock worth $90,000 after purchasing an additional 5,226 shares during the period. Aigen Investment Management LP bought a new position in shares of Full Truck Alliance in the third quarter worth about $151,000. Scientech Research LLC bought a new position in shares of Full Truck Alliance in the second quarter worth about $156,000. Wilmington Savings Fund Society FSB bought a new position in shares of Full Truck Alliance in the third quarter worth about $207,000. Finally, Vanguard Personalized Indexing Management LLC increased its stake in shares of Full Truck Alliance by 29.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 25,969 shares of the company’s stock worth $209,000 after purchasing an additional 5,847 shares during the period. 39.02% of the stock is currently owned by 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.