SunCar Technology Group (NASDAQ:SDA) Shares Gap Down – Here’s Why

SunCar Technology Group Inc. (NASDAQ:SDA)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $9.65, but opened at $9.35. SunCar Technology Group shares last traded at $9.52, with a volume of 95,785 shares trading hands.

Wall Street Analysts Forecast Growth

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

SunCar Technology Group Trading Up 1.2 %

The firm’s fifty day moving average price is $9.57 and its 200-day moving average price is $9.55.

Institutional Investors Weigh In On SunCar Technology Group

A number of hedge funds have recently made changes to their positions in SDA. XTX Topco Ltd increased its holdings in shares of SunCar Technology Group by 24.6% during the second quarter. XTX Topco Ltd now owns 18,186 shares of the company’s stock valued at $166,000 after purchasing an additional 3,596 shares during the period. State Street Corp grew its position 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 in the last quarter. Finally, Geode Capital Management LLC increased its stake in SunCar Technology Group by 4.8% during 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. Institutional investors 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.