Short Interest in SunCar Technology Group Inc. (NASDAQ:SDA) Expands By 18.7%

SunCar Technology Group Inc. (NASDAQ:SDA) saw a significant increase in short interest in the month of 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. Currently, 0.7% of the shares of the company are sold short. Based on an average trading volume of 412,200 shares, the days-to-cover ratio is presently 0.5 days.

Analysts Set New Price Targets

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

SunCar Technology Group Price Performance

Shares of NASDAQ:SDA traded down $0.23 during trading hours on Friday, hitting $10.03. The stock had a trading volume of 535,030 shares, compared to its average volume of 526,152. The stock’s fifty day simple moving average is $9.43 and its 200 day simple moving average is $9.68. SunCar Technology Group has a 1-year low of $5.71 and a 1-year high of $11.74.

Institutional Trading of SunCar Technology Group

Several large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position 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 in the last quarter. XTX Topco Ltd lifted its stake in shares of SunCar Technology Group by 21.0% in the 3rd quarter. XTX Topco Ltd now owns 22,006 shares of the company’s stock worth $243,000 after acquiring an additional 3,820 shares during the period. Finally, State Street Corp boosted its holdings 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 acquiring an additional 3,877 shares in the last quarter. 0.26% of the stock is currently owned by institutional investors and hedge funds.

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.