SunCar Technology Group (NASDAQ:SDA) Trading Up 7.4% – Here’s Why

Shares of SunCar Technology Group Inc. (NASDAQ:SDA) shot up 7.4% on Tuesday . The stock traded as high as $4.96 and last traded at $5.09. 110,436 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 857,392 shares. The stock had previously closed at $4.74.

Wall Street Analysts Forecast Growth

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

SunCar Technology Group Stock Up 8.1 %

The company has a fifty day simple moving average of $9.08 and a 200 day simple moving average of $9.61.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its position in SunCar Technology Group by 4.8% during the third 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. XTX Topco Ltd increased its position in SunCar Technology Group by 21.0% in the third quarter. XTX Topco Ltd now owns 22,006 shares of the company’s stock worth $243,000 after buying an additional 3,820 shares in the last quarter. Finally, State Street Corp grew its position 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 in the last quarter. 0.26% of the stock is owned by 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.