We recently compiled a list of the 10 Stocks Lead Wednesday’s Charge, Mirror Broader Gains. In this article, we are going to take a look at where Full Truck Alliance Co. Ltd. (NYSE:YMM) stands against the other stocks.
US shares stayed firmer on Wednesday, with all major indices finally eking out gains as President Donald Trump softened on trade restrictions for three large automakers, reviving hopes that the trade war may not be as bad as it seemed.
The Dow Jones grew 1.14 percent, the S&P 500 rose by 1.12 percent, while the tech-heavy Nasdaq jumped 1.46 percent.
On Wednesday, the White House granted three large automakers a one-month exemption from tariffs after a call with the president, sending their share prices higher during the session.
Ten firms also mirrored the broader optimism, posting strong gains during the day. In this article, we have listed the 10 names and detailed the reasons behind their performance.
To come up with Wednesday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.
A view of an open cargo shipping yard, highlighting the companies freight listing services.
Full Truck Alliance Co. Ltd. (NYSE:YMM)
Full Truck Alliance Co. Ltd. (NYSE:YMM) rose for a second day on Wednesday, jumping 13.62 percent to finish at $13.26 apiece as investors cheered the company’s upgraded rating from an investment bank despite posting mixed earnings performance last year.
On Wednesday, Morgan Stanley raised Full Truck Alliance Co. Ltd. (NYSE:YMM)’s price target to $15 from $4 previously, representing a 10-percent upside from its latest stock price.
It also maintained an “overweight” rating for the company, signaling a positive outlook.
While Full Truck Alliance Co. Ltd. (NYSE:YMM) saw lower net income in the fourth quarter of the year, net profit, however, went higher on a full-year basis.
Morgan Stanley said the updated rating was based on its optimism about Full Truck Alliance Co. Ltd. (NYSE:YMM)’s future, particularly from the strategic shift in its revenue composition by reducing reliance on lower-margin freight brokerage business that is expected to enhance its profit margins in the future.
Overall YMM ranks 5th on our list of Wednesday’s top gainers. While we acknowledge the potential of YMM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than YMM but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.