Full Truck Alliance (NYSE:YMM) Shares Gap Down - Here's What Happened

Shares of Full Truck Alliance Co. Ltd. (NYSE:YMM - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $8.88, but opened at $8.70. Full Truck Alliance shares last traded at $8.73, with a volume of 536,994 shares traded.

Wall Street Analysts Forecast Growth

Separately, Barclays reduced 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 report on Friday, August 23rd.

Full Truck Alliance Price Performance

The company has a market cap of $9.36 billion, a P/E ratio of 25.37 and a beta of 0.23. The stock has a 50-day moving average of $8.06 and a 200 day moving average of $8.23.

Full Truck Alliance (NYSE:YMM - Get Free Report) last issued its earnings results on Wednesday, August 21st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.11 by $0.01. The company had revenue of $380.38 million during the quarter, compared to analysts' expectations of $369.24 million. Full Truck Alliance had a net margin of 26.80% and a return on equity of 7.88%. Sell-side analysts predict that Full Truck Alliance Co. Ltd. will post 0.41 EPS for the current year.

Hedge Funds Weigh In On Full Truck Alliance

Several hedge funds and other institutional investors have recently modified their holdings of YMM. Tobam acquired a new stake in Full Truck Alliance in the second quarter valued at about $35,000. Blue Trust Inc. acquired a new stake in shares of Full Truck Alliance in the 2nd quarter valued at approximately $38,000. Atomi Financial Group Inc. grew its holdings in shares of Full Truck Alliance by 12.4% during the 2nd quarter. Atomi Financial Group Inc. now owns 12,052 shares of the company's stock valued at $97,000 after purchasing an additional 1,329 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Full Truck Alliance by 34.0% during the 1st quarter. Advisors Asset Management Inc. now owns 13,471 shares of the company's stock valued at $98,000 after purchasing an additional 3,421 shares during the last quarter. Finally, Scientech Research LLC acquired a new position in Full Truck Alliance during the 2nd quarter worth approximately $156,000. Institutional investors own 39.02% of the company's stock.

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.