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

SunCar Technology Group Inc. (NASDAQ:SDA) shares gapped down before the market opened on Wednesday . The stock had previously closed at $10.30, but opened at $8.51. SunCar Technology Group shares last traded at $8.35, with a volume of 225,879 shares changing hands.

Analyst Upgrades and Downgrades

Separately, BTIG Research assumed 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.

SunCar Technology Group Price Performance

The firm’s 50-day simple moving average is $9.43 and its 200 day simple moving average is $9.69.

Institutional Trading of SunCar Technology Group

Several hedge funds have recently added to or reduced their stakes in the stock. 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 purchasing an additional 1,116 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 purchasing an additional 3,820 shares during the period. Finally, 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 purchasing an additional 3,877 shares during the period. Institutional investors own 0.26% of the company’s 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.