SunCar Technology Group (NASDAQ:SDA) Trading Up 3.9% – Here’s Why

SunCar Technology Group Inc. (NASDAQ:SDA) shares shot up 3.9% during trading on Wednesday . The company traded as high as $9.63 and last traded at $9.53. 116,310 shares were traded during trading, a decline of 74% from the average session volume of 446,478 shares. The stock had previously closed at $9.17.

Wall Street Analysts Forecast Growth

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

SunCar Technology Group Stock Performance

The company has a 50-day moving average of $9.51 and a 200-day moving average of $9.60.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SDA. State Street Corp raised its position in shares of SunCar Technology Group by 33.5% in the third 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 last quarter. XTX Topco Ltd grew its stake in SunCar Technology Group by 24.6% in the 2nd quarter. XTX Topco Ltd now owns 18,186 shares of the company’s stock worth $166,000 after acquiring an additional 3,596 shares during the period. Finally, Geode Capital Management LLC raised its holdings 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 acquiring an additional 1,116 shares during the last quarter. 0.26% of the stock is currently owned by hedge funds and other institutional investors.

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.