SunCar Technology Group Inc. (NASDAQ:SDA) Sees Significant Growth in Short Interest

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. Approximately 0.7% of the company’s shares are sold short. Based on an average daily trading volume, of 412,200 shares, the days-to-cover ratio is presently 0.5 days.

Analyst Ratings Changes

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

SunCar Technology Group Trading Up 1.2 %

SDA stock traded up $0.12 during mid-day trading on Monday, hitting $10.15. 666,122 shares of the company were exchanged, compared to its average volume of 584,241. The business has a fifty day simple moving average of $9.43 and a 200-day simple moving average of $9.68. SunCar Technology Group has a 12-month low of $5.71 and a 12-month high of $11.74.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SDA. State Street Corp lifted its stake in SunCar Technology Group by 33.5% in the third quarter. State Street Corp now owns 15,461 shares of the company’s stock worth $170,000 after acquiring an additional 3,877 shares during the last quarter. Geode Capital Management LLC lifted its stake in SunCar Technology Group by 4.8% in the third quarter. Geode Capital Management LLC now owns 24,434 shares of the company’s stock worth $269,000 after acquiring an additional 1,116 shares during the last quarter. Finally, XTX Topco Ltd lifted its stake 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 acquiring an additional 3,820 shares during the last quarter. Hedge funds and other 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.