SunCar Technology Group Inc. (NASDAQ:SDA) Sees Large Decline in Short Interest

SunCar Technology Group Inc. (NASDAQ:SDA) was the target of a large decrease in short interest in December. As of December 31st, there was short interest totalling 186,000 shares, a decrease of 25.6% from the December 15th total of 249,900 shares. Based on an average daily trading volume, of 370,100 shares, the short-interest ratio is currently 0.5 days. Approximately 0.6% of the company’s stock are sold short.

Analyst Ratings Changes

Separately, BTIG Research initiated coverage on shares of SunCar Technology Group in a research note on Monday, December 30th. They set a “buy” rating and a $12.00 price target on the stock.

SunCar Technology Group Stock Up 2.8 %

Shares of SDA traded up $0.27 during midday trading on Thursday, reaching $9.84. 637,961 shares of the stock were exchanged, compared to its average volume of 585,636. SunCar Technology Group has a twelve month low of $5.71 and a twelve month high of $11.74. The business’s 50-day moving average price is $9.44 and its 200 day moving average price is $9.61.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SDA. Geode Capital Management LLC boosted its holdings in shares of SunCar Technology Group by 4.8% in the third quarter. Geode Capital Management LLC now owns 24,434 shares of the company’s stock valued at $269,000 after acquiring an additional 1,116 shares during the period. XTX Topco Ltd raised its position in SunCar Technology Group by 21.0% in the 3rd quarter. XTX Topco Ltd now owns 22,006 shares of the company’s stock valued at $243,000 after purchasing an additional 3,820 shares during the last quarter. Finally, State Street Corp boosted its stake in SunCar Technology Group by 33.5% during the 3rd quarter. State Street Corp now owns 15,461 shares of the company’s stock worth $170,000 after purchasing an additional 3,877 shares during the period. Institutional investors and hedge funds own 0.26% of the company’s stock.

About SunCar Technology Group

SunCar Technology Group Inc, through its subsidiaries, provides digitalized automotive after-sales service and online insurance intermediation services in the People's Republic of China. It operates through three segments: Insurance Intermediation Business; Automotive After-Sales Business; and Technology Business.