Full Truck Alliance (NYSE:YMM) Trading Down 3.5% – Here’s What Happened

Shares of Full Truck Alliance Co. Ltd. (NYSE:YMM) dropped 3.5% on Thursday . The stock traded as low as $9.45 and last traded at $9.50. Approximately 2,215,142 shares were traded during trading, a decline of 74% from the average daily volume of 8,520,610 shares. The stock had previously closed at $9.84.

Wall Street Analysts Forecast Growth

YMM has been the subject of several research analyst reports. Barclays lowered their target price on shares of Full Truck Alliance from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Friday, August 23rd. Citigroup raised their price objective on shares of Full Truck Alliance from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Full Truck Alliance presently has an average rating of “Buy” and a consensus target price of $10.00.

Full Truck Alliance Price Performance

The company’s 50 day moving average price is $8.86 and its 200 day moving average price is $8.37. The firm has a market cap of $9.87 billion, a PE ratio of 22.31 and a beta of 0.23.

Full Truck Alliance (NYSE:YMM) last issued its earnings results on Wednesday, August 21st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.01. The firm had revenue of $380.38 million for the quarter, compared to analysts’ expectations of $369.24 million. Full Truck Alliance had a net margin of 29.59% and a return on equity of 9.02%. Sell-side analysts expect that Full Truck Alliance Co. Ltd. will post 0.43 earnings per share for the current fiscal year.

Institutional Trading of Full Truck Alliance

Several hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in Full Truck Alliance by 3.7% in the third quarter. Geode Capital Management LLC now owns 118,404 shares of the company’s stock valued at $1,067,000 after acquiring an additional 4,235 shares in the last quarter. ABS Direct Equity Fund LLC raised its holdings in Full Truck Alliance by 36.7% in the third quarter. ABS Direct Equity Fund LLC now owns 487,400 shares of the company’s stock valued at $4,391,000 after acquiring an additional 130,900 shares in the last quarter. Barclays PLC acquired a new stake in Full Truck Alliance in the third quarter valued at approximately $3,566,000. Nomura Asset Management Co. Ltd. raised its holdings in Full Truck Alliance by 9.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 5,156,188 shares of the company’s stock valued at $46,457,000 after acquiring an additional 444,884 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Full Truck Alliance during the third quarter worth approximately $3,525,000. Institutional investors and hedge funds own 39.02% of the company’s stock.

Full Truck Alliance Company Profile

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.