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

SunCar Technology Group Inc. (NASDAQ:SDA) was the target of a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 140,300 shares, a decline of 43.3% from the February 13th total of 247,400 shares. Based on an average trading volume of 579,300 shares, the days-to-cover ratio is presently 0.2 days. Approximately 0.4% of the shares of the company are short sold.

SunCar Technology Group Trading Down 1.5 %

SDA stock traded down $0.07 during mid-day trading on Friday, hitting $4.66. 233,190 shares of the company were exchanged, compared to its average volume of 353,762. SunCar Technology Group has a 1-year low of $4.15 and a 1-year high of $11.74. The business has a 50 day simple moving average of $7.05 and a 200-day simple moving average of $8.81.

Hedge Funds Weigh In On SunCar Technology Group

A number of large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new position in SunCar Technology Group during the fourth quarter worth about $69,000. Marshall Wace LLP acquired a new position in shares of SunCar Technology Group during the 4th quarter worth approximately $100,000. State Street Corp increased its holdings in shares of SunCar Technology Group by 33.5% during the third 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. XTX Topco Ltd raised its position in shares of SunCar Technology Group by 21.0% in the third 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 in the last quarter. Finally, Geode Capital Management LLC raised its position 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 buying an additional 1,116 shares in the last quarter. Institutional investors own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

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