SunCar Technology Group Inc. (NASDAQ:SDA) Short Interest Up 18.7% in January

SunCar Technology Group Inc. (NASDAQ:SDA - Get Free Report) was the target of a significant increase in short interest during 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. Based on an average trading volume of 412,200 shares, the short-interest ratio is presently 0.5 days. Approximately 0.7% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Separately, BTIG Research initiated coverage on shares of SunCar Technology Group in a research report on Monday, December 30th. They set a "buy" rating and a $12.00 target price on the stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. State Street Corp increased its position in 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 during the last quarter. XTX Topco Ltd increased its holdings in shares of SunCar Technology Group by 21.0% during the 3rd quarter. XTX Topco Ltd now owns 22,006 shares of the company's stock worth $243,000 after buying an additional 3,820 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of SunCar Technology Group by 4.8% in the 3rd quarter. Geode Capital Management LLC now owns 24,434 shares of the company's stock worth $269,000 after buying an additional 1,116 shares during the period. 0.26% of the stock is currently owned by hedge funds and other institutional investors.

SunCar Technology Group Stock Performance

NASDAQ SDA traded down $1.97 during trading hours on Wednesday, hitting $8.33. 868,798 shares of the company's stock were exchanged, compared to its average volume of 608,926. The business's 50 day moving average is $9.44 and its 200-day moving average is $9.70. SunCar Technology Group has a 12-month low of $5.71 and a 12-month high of $11.74.

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.