SunCar Technology Group Inc. (NASDAQ:SDA) Sees Significant Growth in Short Interest

SunCar Technology Group Inc. (NASDAQ:SDA) saw a significant increase in short interest in January. As of January 15th, there was short interest totalling 220,800 shares, an increase of 18.7% from the December 31st total of 186,000 shares. Based on an average daily volume of 412,200 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.7% of the company’s stock are short sold.

SunCar Technology Group Stock Performance

Shares of SunCar Technology Group stock traded up $0.12 during trading on Monday, reaching $10.15. The company’s stock had a trading volume of 666,122 shares, compared to its average volume of 584,241. The company has a 50-day moving average price of $9.43 and a two-hundred day moving average price of $9.68. SunCar Technology Group has a fifty-two week low of $5.71 and a fifty-two week high of $11.74.

Hedge Funds Weigh In On SunCar Technology Group

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its stake in SunCar Technology Group by 4.8% in the 3rd quarter. Geode Capital Management LLC now owns 24,434 shares of the company’s stock valued at $269,000 after buying an additional 1,116 shares during the period. XTX Topco Ltd increased its stake 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 buying an additional 3,820 shares during the period. Finally, State Street Corp increased its stake in SunCar Technology Group by 33.5% in the 3rd quarter. State Street Corp now owns 15,461 shares of the company’s stock valued at $170,000 after buying an additional 3,877 shares during the period. 0.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

SunCar Technology Group Company Profile

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.