Full Truck Alliance (NYSE:YMM) Shares Gap Up After Analyst Upgrade

Full Truck Alliance Co. Ltd. (NYSE:YMM)’s share price gapped up before the market opened on Tuesday after Barclays raised their price target on the stock from $7.00 to $13.00. The stock had previously closed at $12.19, but opened at $12.75. Barclays currently has an equal weight rating on the stock. Full Truck Alliance shares last traded at $12.60, with a volume of 1,497,159 shares changing hands.

YMM has been the topic of several other reports. HSBC initiated coverage on shares of Full Truck Alliance in a research report on Wednesday, February 26th. They issued a “buy” rating and a $18.00 price target on the stock. JPMorgan Chase & Co. raised Full Truck Alliance from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $13.00 to $18.00 in a report on Thursday, March 6th. Citigroup raised their price objective on Full Truck Alliance from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, Hsbc Global Res upgraded Full Truck Alliance to a “strong-buy” rating in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $16.40.

Hedge Funds Weigh In On Full Truck Alliance

Several institutional investors have recently added to or reduced their stakes in YMM. FIL Ltd boosted its position in shares of Full Truck Alliance by 83.0% during the 4th quarter. FIL Ltd now owns 51,730,620 shares of the company’s stock valued at $559,725,000 after acquiring an additional 23,468,794 shares during the last quarter. Aspex Management HK Ltd bought a new position in shares of Full Truck Alliance during the 4th quarter valued at approximately $164,557,000. JPMorgan Chase & Co. increased its position in Full Truck Alliance by 37.8% during the fourth quarter. JPMorgan Chase & Co. now owns 37,875,367 shares of the company’s stock valued at $409,811,000 after acquiring an additional 10,383,716 shares during the last quarter. Norges Bank bought a new position in Full Truck Alliance during the 4th quarter valued at about $101,649,000. Finally, Empower Harvest Management Services Inc. purchased a new stake in Full Truck Alliance in the 4th quarter worth about $97,058,000. Hedge funds and other institutional investors own 39.02% of the company’s stock.

Full Truck Alliance Stock Up 2.9 %

The company’s 50 day simple moving average is $11.69 and its 200-day simple moving average is $10.05. The firm has a market cap of $13.22 billion, a P/E ratio of 29.87 and a beta of 0.25.

Full Truck Alliance Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Friday, April 18th. Investors of record on Monday, April 7th will be issued a dividend of $0.1444 per share. The ex-dividend date is Monday, April 7th. This represents a yield of 0.9%. This is a boost from Full Truck Alliance’s previous annual dividend of $0.14. Full Truck Alliance’s payout ratio is presently 46.34%.

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.